Eye-Popping $15M Price Tag on Vacant Highland Park Lot

A vacant lot on exclusive Lakeside Drive in Highland Park has a $15 million price tag that’s attracting attention.

Listing agent Allie Beth Allman is a specialist in high dollar Highland Park transactions.

“I think it’s worth every penny of $15 million,” she said.

The vacant land more than an acre in size is at the corner of Lakeside Drive and Laurel Street. Former Dallas Cowboys owner Bum Bright was once the owner of the house that stood on the site. The current owner is a trust from the family of a doctor who went to prison for health care fraud, owing the government a $7.4 million fine. A $15 million sale of the real estate at 4500 Lakeside Drive could raise twice that much.

“Being on the corner, being in that location, and being that size, is extremely unusual,” Allie Beth Allman said.

A couple passing the spot Wednesday was amazed at the asking price.

“That is a really enormous amount of money,” said passenger Annabel Crosby. “I mean it’s not even a house.”

Motorcycle driver Leonard Nech said it might be hard to build a house after spending so much for the land. “You can go to Walmart and get a $40 tent,” he said.

The realtor has a $14 million listing two blocks north on Lakeside Drive with a house still on the lot. The dwelling is the home of a successful plastic surgeon who plans to retire and spend more time with family in California. But Allman said the century old 5,200 square foot house is likely a tear down on the prime spot overlooking Exall Lake.

“It isn’t equivalent to what a buyer is going to want that can afford a $14 million lot,” she said. “Anywhere else in Dallas, it would never be torn down.”

There are many other even more expensive residential properties in North Texas, but Allman said it may take time to find the right buyers for these high dollar Highland Park locations.

Two other, smaller, less expensive properties on Lakeside Drive are listed in the single digit millions of dollars. Another on Armstrong Avenue at Lakeside Drive is listed at $12 million.

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