Andy Beal’s purchase of the Crespi Estate is a great compliment to Dallas. Most cities do not have buyers who have the resources or taste to buy such a fine estate home. Dallas has several buyers who had an interest and a few that I worked with who made offers. As I discussed with Tom Hicks over two years ago, Andy Beal was the most logical buyer for his home. While other buyers interested in the Crespi Hicks Estate, some of whom made offers, did not need a home and were not looking for a home, Andy Beal was an active buyer looking at and making offers on Highland Park homes. With resources of several billion dollars, he was also a buyer who could enhance this estate home by further developing the gardens and making additional improvements.
The one hold up as I explained to Tom Hicks at the end of 2014 was that while Andy Beal was interested in the Crespi Estate, he was committed to finding a home in Highland Park for the security, the schools and all the reasons people love Highland Park. Nevertheless, I was confident that if none of the owners of the large estate properties in Highland Park who Andy Beal was targeting did not agree to his offers, he would move forward on the Crespi Hicks Estate because of its many merits that would offset not being in Highland Park. The Crespi Hicks Estate has the elaborate security around the property and the Secret Service on one border, protecting the president, making the Crespi Hicks Estate one of the most secure estate properties in Preston Hollow. Also, the design of the home would be a draw. A CNN producer originally from Russia, who I worked with on a video she shot and produced of the Crespi Hicks Estate, beautifully expressed to me the affection Middle Europeans have for the classic and opulent design of the Crespi/Hicks Estate.
After offers on other Highland Park estate properties and, most recently, offers on 4500 Preston Road were rejected by the Crow family, Andy Beal proceeded to buy the Crespi Estate.
Even though the Crespi Estate is in Preston Hollow and not Highland Park, the property will be a good purchase for Andy Beal. After negotiating a favorable price, the Crespi Estate will cost much less than if he were constructing a new home on one of the estate properties in Highland Park. This is attractive to a value investor like Andy Beal.
I am pleased that after all their inspired work on the house, Tom and Cinda Hicks will be able to pass the baton to a family who will be able to enjoy and comfortably afford a house of this magnitude. It speaks volumes that we have those in Dallas who can and will continue to preserve an architecturally significant home of the importance of the Crespi Estate.
The Crespi Hicks video is the initial marketing piece I created for the Crespi Estate. It now has over three million views, more than any other estate home video in the country.