A Preston Hollow mega-mansion that spent years haunting Dallas luxury listings has finally found a buyer, slipping out of a scheduled foreclosure sale at the eleventh hour.
Owner Darren Aschaffenburg sold the 16,000-square-foot estate at 9520 Hathaway Street last Tuesday, ending a marathon run of price cuts and relistings that turned the property into a familiar face in the high-end market.
As reported by The Real Deal, the buyers are Michelle and David Peck. The final sale price was not disclosed, and the home was listed at $9 million at the time of the transfer.
After Years On The Market, Price Cuts Did The Job
The house first hit the market in 2021 and went through a long series of price reductions. Listing history on Zillow shows it peaking around $15.5 million in 2022, then sliding down to a $9 million ask earlier this year.
Designed by architect Richard Drummond Davis and built in 2004, the home spans roughly 16,000 square feet with nine bedrooms and 11 bathrooms. Brokerage materials from Allie Beth Allman & Associates highlight high-end touches, including a three-story refrigerated wine room and multiple kitchens.
Foreclosure Paperwork Showed A Lender Claim
While the price was falling, the legal pressure was rising. Public foreclosure postings tied to the property included a Notice of Substitute Trustee’s Sale that alleged default on roughly a $4.75 million loan from Busey Bank and set a June 2 trustee-sale date before the private sale closed. Those filings were recorded in Dallas County public records and are reproduced online by 64Cents.
Bankruptcy Over A New Orleans Tower Added Pressure
The Dallas foreclosure threat landed just as Aschaffenburg’s company, D.K.A. One LLC, which owns Metairie Towers, an Old Metairie high-rise he bought for redevelopment, filed for Chapter 11 in early May to stop a sheriff’s auction, according to local coverage. Canal Street Beat reported that the Metairie Towers project had accumulated an alleged roughly $19 million mortgage default tied to the site.
Legal Note
The Metairie Towers bankruptcy case was filed in the U.S. Bankruptcy Court for the Eastern District of Louisiana and is identified in filing summaries as case No. 26-11085, according to court-filing summaries on Bondoro. In Dallas, the foreclosure posting on the Preston Hollow home remains in the public record, but the trustee sale did not move forward because the property was sold privately.
The transaction takes a prominent trophy home off the block in a Dallas luxury market where big-ticket listings have been lingering. Based on the last public asking price, the property was at roughly $562 per square foot, according to listing data on Zillow. Agents for the seller and the buyers have not publicly shared any plans for renovation or occupancy.
