North Dallas' Posh Crespi Estate Sells to Prominent Local Family Trust

Dallas' grandest residential estate has sold has sold to a prominent local family.The 14-acre Crespi Estate - formerly known as the Hicks Estate - on Walnut Hill Lane has been purchased by a trust of Dallas' Cox family.The 27,000-square-foot, 10-bedroom, five-bath mansion has been owned since 2017 by developer Mehrdad Moayedi.The estate - last listed for sale at $38 million - sold to representatives of the Charlee Lochridge Cox Dynasty Trust, according to deed records.The trust was founded by Dallas' prominent Edwin L. Cox family.Edwin L. Cox Sr. is a primary benefactor of Southern Methodist University's Cox School of Business.His son Edwin L. Cox Jr. is a well-known Dallas investor and financier. The family's $40 million estate is in Highland Park on Turtle Creek.Edwin Cox Sr.’s grandson Bradley Cox is the chairman of Cox Oil Co. and lives in the Uptown area.One of the Crespi Estate's buyer's trust representatives is an officer at Brad Cox's family oil company.The Crespi Estate sale was financed with a $29 million loan from UBS Bank USA, according to deed records.The Crespi Estate includes a 3,347-square-foot guesthouse and a 4,836-square-foot pool house.Built in the 1930s by an Italian-born cotton baron, Pio Crespi, the French chateau-inspired house is covered in Indiana limestone and decorative ironwork.The estate has passed through the hands of three owners in recent years. Tom Hicks sold the property to Dallas banker Andy Beal. Beal sold the mansion to developer Moayedi after owning it for less than two years.Moayedi remodeled parts of the huge house and listed it for sale with real estate agent Allie Beth Allman & Associates.Moayedi and sales agent Allman have signed non-disclosure agreements about the sale and are not commenting on the transaction or the purchaser.Moayedi has carved out several building lots on the front of the property along Walnut Hill where a group of multi-million dollar estate homes will be constructed.  Continue reading...