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One of Dallas’ largest estates has just sold

The Preston Hollow palace has its own water park and two theaters.

One of Dallas’ grandest estates has changed hands.

And the buyer has a lot of experience with palatial properties.

Once listed for sale at almost $28 million, the 4.3-acre Strait Lane estate has 37,000 square feet of space with 10 bedrooms, 22 bathrooms, 10 living areas and four dining areas. It has a 10-car garage, two basketball courts, a tennis court, a gymnasium and a bowling alley.

The mansion is complete with two movie theaters, a ballet room and a dog-washing room.

A private water park in the back yard would do any theme park proud. It has water slides, lazy rivers and a second-floor hot tub.

The house was built starting in 2003 by Dr. Richard Malouf and is one of the largest residential estates in North Texas. Allie Beth Allman & Associates first listed the property for sale at $27.9 million in 2017.

The 10-bedroom home has its own waterplark.
The 10-bedroom home has its own waterplark.(Stephen Reed | Allie Beth Allman)

Dallas developer Mehrdad Moayedi’s Crescent Estates Custom Homes quietly bought the mega-mansion.

“We will give it a new, fresh look,” said Crescent Estates’ CEO Brad Oellermann. “We won’t change the style but give it an update.

“Dr. Malouf spared no expense,” Oellermann said. “Everything in there is top-notch quality.”

And there are no plans to get rid of the water park.

“It’s a $10 million water park,” Oellermann said. “We’ve been told only Celine Dion has one anything like it.

“We will tone down some of the things and give it an update.”

Oellermann said the plan is to get the house in perfect condition before a resale.

“Someone buying that kind of home doesn’t want any projects,” he said.

“Our plan is to get it on the market next spring," Oellermann said. “It’s a true resort-style property.”

The plan to redo and sell the sprawling house is the second such project Moayedi has undertaken.

In late 2017, Moayedi bought the 25-acre Crespi Estate in North Dallas and remodeled the landmark mansion.

This summer, the Crespi house resold to Dallas’ Cox family.

Moayedi and Crescent Estates are developing land surrounding the Crespi house into an exclusive residential enclave with several new mansions along Walnut Hill Lane.

Steve Brown, Real Estate Editor. Steve covers commercial and residential real estate in Dallas-Fort Worth.

stevebrown@dallasnews.com @SteveBrownDMN

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