Most expensive house in dallas? (Fort Worth, Garland: rent, buying, income)

[MaryS80]

I thought the first rule of real estate was location, location, location. Even in more expensive cities, that's a hefty sum. Sure the Dallas area has more than it's fair share of wealthy people, but at $65 million dollars there's a very small pool of potential buyers. Only some of the wealthiest people in the world could afford that home, a Bill Gates or Warren Buffett type, maybe royalty. I'll be honest anyone who could afford that price range probably would not want to buy in rural Denton county. Now there's nothing wrong with Denton, but people at that price level are used to places like NY, LA, London, or Dubai.

[killer2021]

Originally Posted by MaryS80

I thought the first rule of real estate was location, location, location. Even in more expensive cities, that's a hefty sum. Sure the Dallas area has more than it's fair share of wealthy people, but at $65 million dollars there's a very small pool of potential buyers. Only some of the wealthiest people in the world could afford that home, a Bill Gates or Warren Buffett type, maybe royalty. I'll be honest anyone who could afford that price range probably would not want to buy in rural Denton county. Now there's nothing wrong with Denton, but people at that price level are used to places like NY, LA, London, or Dubai.

I agree entirely. Your statement also make sense because the 2nd highest listed house is only at 17.9 million and then it quickly drops down to 10 million after the 10th listing.

[HockeyDadof2]

If you watch the video on the website the homeowner talks about how much she like Paris and so many of the features are based on things she liked in her world travels. A huge problem selling that house is just how individual everything is. I really like when she talks about her closet that is two stories and styled after a Chanel store, somewhere.

[$DFW8$]

Originally Posted by MaryS80

I thought the first rule of real estate was location, location, location. Even in more expensive cities, that's a hefty sum. Sure the Dallas area has more than it's fair share of wealthy people, but at $65 million dollars there's a very small pool of potential buyers. Only some of the wealthiest people in the world could afford that home, a Bill Gates or Warren Buffett type, maybe royalty. I'll be honest anyone who could afford that price range probably would not want to buy in rural Denton county. Now there's nothing wrong with Denton, but people at that price level are used to places like NY, LA, London, or Dubai.

Ya I agree,right now it is probably not going to sell because people that have that kind of money are not going to want to be that far out in rural Denton County. Its location is what has kept it on the market so long.

[$DFW8$]

The wealthy elite of Dallas live inside 635 LBJ in the Park Cities(Highland Park, University Park) North Dallas area(Preston hollow, etc.) and in the Lakewood area. All of these areas are very close into Downtown Dallas. There is also a few in West Plano.

[portorro]

Maybe it can be bought by the city of Denton in order to create a Museum of some sort??? Heck even I would pay $3 to take a look at the property....In a couple of years they make the money back up on admissions alone.

[zatires]

Originally Posted by portorro

Maybe it can be bought by the city of Denton in order to create a Museum of some sort??? Heck even I would pay $3 to take a look at the property....In a couple of years they make the money back up on admissions alone.

With $3 admission price they will need at least 20 million visitors to have a return on the price paid, not considering inflation, upkeep etc.

The place is overbuilt and is doomed in its location, and i very much doubt it will ever be sold...

[caligurltotx]

Thanks zatires! I was trying to calculate at 65 mil how many visitors would it take, lol. And wondering would the city of Denton even have that kind of money for a museum?

If I had 65 mil to blow I wouldn't even think of a house in Denton. I would think house on the beach in CA somewhere, high end apt in NY and a couple vacation homes in Italy, France, or Hawaii. Then I would invest some and give the rest to much deserving charities.

[nsumner]

Don't forget that this house comes with 119 acres, so it's an equestrian estate as well. That is something you can't get inside the loop. It's been on the market since 2003. The owners are not in a hurry, they know that it would take a very unique buyer, very likely from europe or the mideast.

Naima

[zatires]

Originally Posted by nsumner

Don't forget that this house comes with 119 acres, so it's an equestrian estate as well. That is something you can't get inside the loop. It's been on the market since 2003. The owners are not in a hurry, they know that it would take a very unique buyer, very likely from europe or the mideast.

Naima

Why would a very rich person from Europe or Mideast come to Dallas and buy a $50m home? Does not make sense at all.

This house is definetely doomed, will never be sold at these prices, due to location, overbuilt, and overcustomized. All three things are big no nos in real estate arent't they?

Actually, according to Forbes, the place was put on sale for $35m in 2006 and even at that price it was not sold.
http://www.forbes.com/realestate/200...120movers.html

Forget about $50m, forget about $35m, in this financial stress maybe the place will find a buyer for $25m, which I still doubt.

And according to Forbes article, what is strange is that multiple properties that are owned by them was also for sale when the article was published. The company that he was the chair of went kaput, was sold in pieces to Brightpoint, now the remaining units have a total value of $3m in the stock market.