The developer who bought the Hicks Estate plans to build luxury housing on the property

Eight bidders vied for the Hicks Estate, a 25-acre property near Walnut Hill Lane last owned by billionaire banker Andy Beal.

But no one could compete with Merhdad Moayedi’s offer. The CEO of Centurion American Development Group bid $36.2 million for the estate, which Beal bought for $100 million — making it Dallas’ most expensive home — in January 2016.

Moayedi is the mastermind behind the Statler Hotel and Dallas Public Library-turned-Dallas Morning News office renovations. The developer made news after Frisco ISD filed a class-action lawsuit against him, and rumors flew that he’s part of a Ponzi-like scheme with United Development Funding.

Moayedi will preserve the 27,092-square-foot mansion and surrounding 10 acres, but he plans to use the rest of the land to construct “super luxury homes.”

“We’re going to name the project the Crespi Estates after the original owner,” Moayedi told the Dallas Morning News. “We are going to try and sell the big house. If I don’t get the right offer I will keep it.”