A landmark Highland Park home that has just hit the market carries one of the region’s biggest price tags.
The Tudor-style mansion on Beverly Drive until earlier this year was home to Dallas businessman Sam Wyly, known for building companies including Michaels Stores. Wyly moved out after agreeing to pay an almost $200 million judgment resulting from a Securities and Exchange Commission fraud suit.
Top North Texas real estate agent Allie Beth Allman just put the 7,579-square-foot, five-bedroom home on the market for $12.5 million.
Built in 1924, the sprawling historic house sits on just over an acre overlooking the Dallas Country Club. It was designed by noted architect C.D. Hill, who also did the nearby Trammell Crow house that was recently demolished.
“This landmark home is one that so many people call their favorite,” Allman said. “The lot is among the biggest in the community and the location is undeniably premier.”
The house was originally built for Dallas businessman Fred Schoelkopf.
The grand mansion has four bathrooms, a study, sunroom and third floor game room. There are three, fireplaces, a basement, 3-car garage and garage apartment.
Wyly was required to sell the house and other assets as part of the agreement to pay damages resulting from the fraud case brought against him and his late brother, Charles. They were accused of using a web of offshore funds to hide stock holdings and pocket illegal profits.
Bankruptcy courts rejected the family’s plea to avoid selling the landmark house.