Ding, ding, ding: we have a winner. Mehrdad Moayedi, the CEO of Centurion American Development Group, put in the winning bid in an auction this week for a more than 25-acre estate in the tony Preston Hollow neighborhood of Dallas, a spokesperson for Mr. Moayedi confirmed.
Mr. Moayedi bid $36.2 million for the 10-bedroom, 27,000-square-foot home, which was offered Wednesday without reserve by Concierge Auctions.
Start the new year right—with a superior deal on some stunning South Florida real estate. This expansive estate on Miami's exclusive Star Island once listed for $65 million. Now it will go to the highest bidder at auction, regardless of price https://t.co/cx5hd6Rned pic.twitter.com/kft2nsB0Uo
— Mansion Global (@MansionGlobal) December 29, 2017
The Dallas, Texas, estate was owned by billionaire banker Andy Beal, according to property records. The founder and chairman of Beal Bank and Beal Bank USA, Mr. Beal, 64, used a trust to buy the property early last year, records show, but the financial terms of the transaction weren’t disclosed.
Mr. Moayedi certainly got a deal: The home was listed for $135 million in 2015 by its previous owner, Tim Hicks, an investor and former owner of sports teams, including Liverpool F.C., the Texas Rangers, the Dallas Stars and the Mesquite Championship Rodeo. He also dropped the price to $100 million before the sale to Mr. Beal, according to records.
Eight people were in the running to win the auction, according to the Dallas Morning News, which first reported the deal.
Mr. Moayedi has plans to use some of the estate’s 25 acres to develop luxury housing but will preserve the home, the article said.
"We are going to leave 10 acres for the main house," he told the Morning News. Mr. Moayedi is currently talking to builders about an additional five houses on property, the paper reported.
The limestone mansion was built in 1939 by architect Maurice Fatio and renovated in 2003 by architect Peter Marino, according to the listing. Originally commissioned for a cotton baron, Italian Count Pio Crespi, the home played host to presidents, celebrities and other luminaries in the mid-20th century.
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The neighborhood has also attracted some pretty well-known residents. Former President George W. Bush and Laura Bush live adjacent to the property and investor Mark Cuban lives in the area, too, according to property records.
Wrought iron gates hide the mansion from street view, and it features a 3,000-square-foot master wing, a silver-leafed Art Deco bar room as well as a library with 19th-century Italian-burled walnut panels. There is a separate pool house with almost 5,000-square-feet of space, a tennis court, a pool and a guest house.
The home has been fully automated and features a 19-seat theater, a helipad and other modern creature comforts. The most recent renovation took three years and about 250 craftsmen to complete, including Dallas builder John Sebastian and landscape architect Arabella Lennox-Boyd of London.
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The area of Preston Hollow is an exclusive enclave that is just minutes from downtown Dallas, as well as within a 30-minute drive of two international airports.
Mansion Global staff writer Beckie Strum contributed to this story.