$19.5 Million Estate May be Turned into Housing Development

A 43.5 acre Colleyville estate currently listed for $19.5 million may be turned into a housing development.

“Everyone would love it to stay just like it is, you need $20 million dollars to do that,” said Colleyville Mayor Richard Newton.

Built in 1987, Bear Creek Plantation along John McCain Road was first put on the market for $22.5 million in July of 2016.

Nearly two years later, the owner wants to keep the 9,400 square foot home, but build as many as 42 new homes on the rest of the property.

“Since he owns the land, he has the right to conform to what the city vision is, and come in and talk about it,” said Mayor Newton.

The new development would be called Oak Valley.

“That would completely destroy the atmosphere around here,” said Charlie Pearce, who lives across the street.

He and other neighbors want the city to approve fewer homes.

“We don’t have nothing against him, you know we understand he wants to sell out and develop it, we understand that but thing is we just don’t want to throw a bunch of houses in here,” said Pearce.

The owner has now started talking with the city about his plans.

“The formal process has not yet started,” said Newton, “he’s really been in the discussion phase so far.”

Whatever the city may eventually decide, Pearce and other neighbors will be sad to see Bear Creek Plantation go away.

“I think really this place, the way everybody looks at it, and drives by it gives them a moment of peace,” said Pearce.