Spec Developer Sells Dallas Mansion Off-Market

One of Highland Park’s latest off-market resi sales is a mansion that’s over a hundred years old.

George Morgan III, a senior adviser at Ridgemont Equity Partners, purchased the home at 3728 Maplewood Avenue in Highland Park in January, according to public records. Yet, no changes to the home’s listing and sale history appear on Redfin, Zillow or Homes.com after June, when the seller purchased it in a public deal.

Built in 1911, the American Colonial-style home spans 5,300 square feet with five bedrooms and five bathrooms, according to Redfin. A detached garage doubles as a guest house by the pool. The corner lot is more than a third of an acre.

The seller is a trust linked to Jon Venverloh, a former Google executive and luxury spec developer. A home built by Venverloh’s company, Venus Development, set a record in 2022 for the most expensive residential sale in Menlo Park, California, home to Meta, Oculus and Andreessen, among other tech companies. The price was $16.8 million. Venus Development was previously based in Menlo Park, and moved in 2021 to Dallas, according to Venverloh.

Venverloh’s trust purchased the Maplewood Avenue home in June from Dallas-based Trigate Capital COO Jeff Yarckin and artist Liana Yarckin in a conventional public deal, according to public records and Redfin. The final sale price is undisclosed, but at the time, the home was asking $7.5 million, or about $1,300 per square foot.

Members of Texas’ top two real estate teams brokered the June sale. Compass agent Michelle Wood had the listing, and Allie Beth Allman agent Chad Barrett represented Venverloh. Wood is a member of the Detwiler + Wood Group, ranked second in the state by volume, and Barrett is a member of the Perry Wisdom Barrett Group, ranked first, according to RealTrends.

Barrett also works for Venus Development, according to the company’s website.

Venus Development is asking $24.5 million for its first completed home in Dallas, a 10,500-square-foot contemporary at 6901 Hunters Glen Road. The company’s previous projects have all been in Silicon Valley, according to its website.

Highland Park is part of the Park Cities, one of the most exclusive residential areas in Texas. The most expensive public home sale in the state last year took place about a mile away from the Maplewood Avenue house. The estate of Fortress Investment Group CEO Josh Pack sold the 13,000-square-foot mansion at 6601 Hunters Glen Road for $30.5 million to a trust organized by a Dallas family. Barrett’s partner Alex Perry represented the seller in that deal.