The biggest residential property in North Dallas is the former Hicks estate on Walnut Hill Lane. The storied estate in Preston Hollow has gone through many changes since it was built in the 1930s. And now the property is changing hands once again. According to the Dallas Morning News, the estate recently sold for $36.2 million at auction to developer Mehrdad Moayedi.

The 25-acre property was originally built in 1938 for Pio and Florence Crespi, who were members of European royalty. As previously reported here, Tom Hicks purchased the Crespi estate in 1997. Hicks owned the Dallas Stars, Texas Rangers, and the Mesquite Rodeo. He spent more than three years and $100 million on additional renovations and additions to the original property.

Dallas billionaire Andy Beal purchased the estate in 2016 but never moved in. He listed it for sale in early 2017, finally turning to Concierge Auctions to help sell the property. Many luxury home sellers are opting to take the auction route over the traditional real estate market. 

Concierge Auctions worked with local real estate magnate Allie Beth Allman & Associates to offer the estate for auction. It sold just before Christmas to busy local developer Moayedi, the CEO of Centurion American Development Group. Moayedi beat eight other bidders, winning the auction with a bid of $36.2 million.

The former Crespi-Hicks estate was last renovated in 2003. It has 28,000 square feet, 10 bedrooms, and five bathrooms. The property is next door to George W. Bush’s estate.

Moayedi plans to keep the original house with about 10 acres of land. The remaining acreage as part of the parcel is planned to be used to build five new houses on the Walnut Hill side. 

According to Moayedi, he plans to list the main house for sale but will keep it for himself if he doesn’t receive the right offer.

Moayedi and his Centurion American Development Group are responsible for other major projects in the Dallas area, including the recent redevelopment of the historic Statler Hotel.