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Lakefront Mansion in Austin, Texas, Sells for $12.3M

It was the priciest residential sale through the public market in the capital city of Texas

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A sprawling mansion with 500 feet of water frontage on Lake Austin, Texas, has changed hands for $12.3 million, the highest price for a residential property transacted through the Austin Multiple Listing Service.

The 7,663-square-foot mansion on Watersedge Drive was first listed for $13.55 million in July 2017 and was dropped to $12.95 million two months later, according to listing agent Dave Murray of DMTX Realty, an affiliation of Coldwell Banker.

It went into contract in February and the sale closed on March 9 for $12.3 million, per property records filed with the county clerk’s office earlier this week.

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The final price was the highest for a residential property sale through public listings. There was a $21-million ranch sale in 2017, but the deal was done off market, according to Mr. Murray and sales records on listings website Redfin.

The seller was a wealth manager under a trust, while the buyer’s identity was shielded by a limited liability company carrying the name of the property’s physical address, public records show.

Mr. Murray declined to disclose the buyer’s identity, only pointing out the buyer was a tech manager from California.

"Austin has been attracting a lot of out-of-state buyers lately," Mr. Murray said. A tax haven (Texas is one of the seven states without income tax) combined with one of the best business environment for startups, Austin has seen more entrepreneurs and investors relocating to the city.

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For the out-of-state buyers, most of whom are from New York, California and Illinois, luxurious and manageable residences are hard to come buy , Mr. Murray said.

He had received four offers for the record-breaking sale. "There was definitely a bidding war for this spectacular property," he said.

The six-bedroom, seven-bathroom mansion was built in 1987 and "totally redone to the studs in 2011 by the well-known local architect Michael Hsu," according to Mr. Murray. Mr. Hsu was behind the South Congress Hotel project in Austin.

One of the most interesting features of the 1.53-acre property is its privacy. Surrounded by a hill and water on three sides, the property in a gated community has its own private gate, Mr. Murray said.

The home also comes with a private dock, an outdoor swimming pool and seven-car parking space.