One of North Dallas’ biggest estates is about to get some company.
The 25-acre former Hicks estate on Walnut Hill Lane has a historic, 28,000-square-foot mansion surrounded by acres of open space.
But the 1930s house could soon be getting some new neighbors.
Dallas developer Mehrdad Moayedi – who paid more than $36 million for the property back in December – has filed plans with the city to construct as many as seven more luxury homes on the block.
The exclusive residential development would be called the Crespi Estates and is at the northwest corner of Walnut Hill Lane and the Dallas North Tollway.
The original mansion will be preserved on a 12-acre lot.
"There will be five new houses up front" on Walnut Hill, Moayedi said. "They are going to range from $10 million to $15 million each.
"We are working with premier builders to build the houses."
Moayedi said the houses would each be 10,000 to 15,000 square feet.
Two smaller houses might be constructed on the north side of the property but that’s not finalized, he said.
A lot at the northwest corner of the estate would be left vacant.
"We didn’t want to build anything behind President Bush’s house," which is on the next street, Moayedi said.
Moayedi’s Centurion American Development Group is asking for city approval to create the new neighborhood.
"The property is zoned for 1-acre lots," he said. "We are not seeking new zoning."
The grand French style house on the property was built by Italian-born Dallas cotton trader Pio Crespi. The house was totally rebuilt and substantially enlarged starting in 2000.
Dallas financier Andy Beal bought the estate in 2016 but never moved into the house.
Moayedi acquired the home in an auction and has spent the last three months working on development plans.
"We putting everything with the house back to original," he said. "We want it to go to somebody that understands what they are buying because that house has so much history."