Crespi Estate Returns to Market With More Land, Higher Price

Historic ‘Greater than Gatsby’ property boasts presidential neighbors

One of the most significant estates in Dallas is, once again, for sale. But this time, the stunner at 5619 Walnut Hill Lane boasts additional luxury renovations as well as the inclusion of three original Crespi Estate land parcels in the $64 million asking price.

The Preston Hollow mansion, and 14 additional acres, on the market in 2023 for $60 million, remained unsold, returning to the market in 2024 for $47 million minus the extra acreage, but again dropped off in September. The palatial estate, termed “Greater than Gatsby,” now returns to the market for the third time in less than two years, reclaiming its spot as the priciest home in Texas with a $17 million increase. 

“The home is nothing ever seen in Dallas,” co-listing agent Pogir Pogir with Briggs Freeman Sotheby’s said. That’s unless you’ve had the opportunity to get past the elaborate security measures to take a peek behind the gates.

Built in 1938, Dallas’ most legendary estate was designed by Swiss architect Maurice Fatio for Italian count Pio Crespi. A symbol of an era, the Crespi Mansion has hosted presidents, dignitaries, and icons, including Coco Chanel, Jimmy Stewart, and the Duke and Duchess of Windsor. 

With 10 bedrooms including a 3,000-square-foot primary suite, 12.5 baths, a ballroom, two wine cellars, a conservatory, a media room, and a library imported from France, the palatial French-style chateau spans across more than 27,000 square feet with the meticulously maintained grounds retaining an allure of stepping back into history.

The Crespi family owned the estate until Cinda and Tom Hicks, past owners of the Texas Rangers and Dallas Stars, bought it in 1997. In 2000, the Hicks worked with New York architect Peter Marino to expand the house, adding 17,000 more square feet, along with a 3,300-square-foot guest house with a 4,800-square-foot pool house, which also includes a 19-seat movie theater.

Tom Hicks sold the property to billionaire banker Andy Beal in 2016 for $100 million, according to property records, and in a 2017 auction, Mehrdad Moayedi, CEO of Centurion American Development Group, purchased the property with a winning bid of $36.2 million, according to Concierge Auctions. Moayedi carved out about 10 acres at the front of the estate to develop a luxury home community.  Since 2019, a trust associated with the Edwin L. Cox family has owned the property.

With a creek winding through the property and trees canopying above, the grounds boast an unparalleled privacy amidst the Preston Hollow neighborhood. Not merely a place of quiet respite, the 27,092 square foot main house and expansive lawn also offer ample space for lavish Gatsbyesque parties. The grounds feature a swimming pool and spa, tennis and bocce ball courts, gardens, greenhouses, and a heliport. A 1,500 foot well waters much of the plush grass covering the sweeping lawns.

“To me, the land is so spectacular,” Pogir said. “It has creeks. It has water features. It has sculptures. It has walking paths. It has beautiful trees. It has incredible private gardens, and it has a greenhouse.”

The three land tracts carved out at the back of the property during the previous sale of the estate, now being included in the listing, make up a total of 15.687 acres, according to Pogir. 

And if the sprawling estate and pristine grounds of the priciest listing in Texas need one more perk to convince a buyer to make the $64 million splurge, the individual parcels are accessible via a gated entrance on Daria Drive, granting next-door neighbor status to former President and First Lady George W. and Laura Bush.