One of Dallas’ grandest estates has quietly changed hands.
The landmark Baron Estate at 5950 Deloache Ave. along Preston Road is one of the most spectacular spreads in North Dallas’ exclusive Preston Hollow community. Designed by award-winning architect Robert A.M. Stern, Baron Estate sits on almost 9 acres.
The 15,254-square-foot house has four bedrooms and 11 baths. The estate has a private lake, a full catering kitchen, professional gym and its own beauty salon. The dining room seats 20 guests.
Formal gardens, a swimming pool and lake, and guest quarters with more than 1,200 square feet complete the one of kind estate.
At one time the property was listed for sale at more than $30 million. Most recently, the estate had an asking price of $24.5 million.
Property records show that attorney Lisa Blue Baron, the wife of late Dallas attorney Fred Baron, sold the house to 5950 Deloache LLC. Real estate brokers say that the actual buyer is Highland Capital CEO James Dondero. And the deed for the estate was sent to Highland Capital’s offices at the Crescent complex in Uptown.
JPMorgan Chase provided a $12.95 million mortgage for the purchase, county records show. That loan is due in 2033. In case you’re wondering, the monthly payment works out to something like $100,000.
Dondero’s new neighbors include Dallas media star Mark Cuban, businessman Robert Haas, and art collectors Howard and Cindy Rachofsky.
Dallas’ exclusive residential sales firm Allie Beth Allman & Associates sold the Baron Estate. Allman is also hunting a buyer for the $38.5 million Crespi Estate on Walnut Hill Lane. And Allman’s firm just listed the $8.25 million Wyly Estate, which is also on Deloache.
So far 2018 is turning out to be a good year for super luxury home sales in North Texas.
Through the first seven months, more than 1,000 D-FW residential properties priced at $1 million or more have changed hands — a record number.
Dondero’s Highland Capital is one of the country’s most successful investment firms and one of the largest local financial companies. Founded in 1993, the company manages more than $20 billion in assets.
Highland Capital just bought the 42-story Cityplace Tower at a price estimated at close as $200 million.
And Highland Capital is close to a deal to purchase $300 million in rental homes across the country from VineBrook Partners LLC, according to Bloomberg News.