This is what’s happening in real estate: the rich are getting richer and buying up trophy properties, sky’s the limit. The rest of us can eat cake.
Case in point: 3820 Gillon Avenue, owned by Randall and Olamaie Fojtasek, a former partner at Hicks Muse who co-founded the private equity firm Brazos Partners. The Fojtaseks bought their home in 2006 for a cool $7 million. Frank Purcell listed it, Joan Eleazer represented the buyers. The home is currently appraised by the Dallas County Appraisal District at $8,500,000.
Here’s why everyone’s talking: the house sold — it sold for — get those smelling salts ready, $15,000,000. In case your eyes are blurring, yes, $15 million. I know it’s appraised at $8.5, go tell the buyer. And get this: it wasn’t even on the market or in MLS. I believe the agent involved is Allie Beth Allman. So this is one of those rare sales that won’t be helping perk up our market numbers, but it is very real.
I don’t know who the buyer is, yet. The home is exquisite: 10,380 square feet built in 1990 but completely and deliciously redone on the interiors, plus the home sits on a 175 by 226 lot which is just shy of an acre in the honeypot of Highland Park. The Fojtaseks paid about $132,999 in annual property taxes. We should send the new buyer flowers and a civic thank-you note — his bill will just about double.
This is why I tell you all the time not to get all upset over the doom&gloom news out there — real estate is a hyperlocal story, and if you happen to own property in a sweet spot, you may even find yourself with some appreciation. Of course, it helps if you are a gadzillionaire with property south of the Highland Park golf course, in the Gillon, Miramar, Euclid, Lexington area.
Yep, the rich are getting richer… and so are their houses!