A private trust has quietly scooped up one of Texas’ priciest Highland Park homes, county records show, closing on a contemporary showpiece that had been listed this spring for $24.9 million before it disappeared from public view.
Sale recorded to a private trust
County documents list the Lost River Trust as the buyer, with the deed recorded on Tuesday, according to The Real Deal. The final sale price was not disclosed, but the house was asking $24.9 million when it came off the MLS, keeping the exact number a mystery between the trust, the sellers and their lawyers.
Listing, specs and price
The property hit the market on March 23 and was marketed at roughly $2,200 per square foot, with MLS records showing about 11,433 square feet and six bedrooms, according to Redfin. Additional listing details for the home also appeared on Zillow, underscoring just how aggressively the property was shopped at the ultra-luxury level before the trust stepped in.
Designed and built for modern entertaining
The Douglas Elliman listing credits Mark Molthan as the builder and Tom Weber as the designer, with Allie Beth Allman listed as the sellers’ broker. Completed in 2020, the home was pitched as a modern entertainer’s dream, with indoor-outdoor flow, multiple living areas and a four-car garage that fits right in with Highland Park’s high-gloss lifestyle.
Trust’s other Highland Park purchase
The Lost River Trust is no stranger to the neighborhood. It previously bought another nearby property on Nov. 14, 2025, an earlier acquisition reported by The Real Deal. Listings on Realtor and Compass show that the earlier house had been marketed in 2025 with an asking price that climbed as high as $14 million before it was pulled from the market, a reminder that some of Highland Park’s biggest deals never hit the open-house circuit.
How this stacks up in the Texas luxury market
At an asking price of $24.9 million, the Highland Park mansion ranked among the most expensive listings in Texas, with Zillow data showing only a handful of homes statewide with higher price tags. Local coverage has pointed to the Crespi estate on Walnut Hill, listed for $64 million, as the state’s top asking price, highlighting the sizable gap between a few true trophy estates and even the upper crust of Highland Park’s luxury inventory.
Melbourne and Jamie O'Banion, the Dallas entrepreneurs behind Bestow and BeautyBio, were listed as the sellers, a detail that tracks with prior business coverage in D Magazine and earlier reporting in The Dallas Morning News. The low-profile transfer is yet another example of private trusts quietly accumulating some of Dallas’ most rarefied real estate.
