A Preston Hollow estate has landed on the market for $32 million this week, making it the priciest property for sale on Dallas' famed Strait Lane.

The four-story, 37,000-square-foot mansion sits on a nearly 5-acre sprawling estate at 10711 Strait Lane in Dallas.

Even though it’s only been a few days since the estate, owned by Dr. Richard Malouf, has hit the market — its already garnering well-heeled interest, said Arthur Greenstein, managing partner of Y&A Real Estate and Asset Management.

  • Click here to see additional photos from the mansion, including the indoor basketball court and water park.

"You can't replace this for what it's priced at," Greenstein told the Dallas Business Journal, in an exclusive interview. "With the backyard and the features inside with the custom upgrades — a builder would spend north of $600 per square foot to build. If you add the land into that you already have equity."

In the past three years, only five estates priced over $15 million have sold in North Texas, he said. Two of those were purchased by billionaire Andy Beal, who recently re-listed the former Tom Hicks estate for $48.9 million.
Greenstein and his co-founder Yana Landman are marketing the property.

The mansion at 10711 Strait Lane has an eight-bedroom, 17 full-bath home with 10 living areas and four dining areas. The 10-car garage opens up to a courtyard.

The estate has two basketball courts — one indoor and one outdoor — with a resort-style pool and adjacent water park with a lazy river for family entertaining.

The home, which was originally built in 2003, was designed by architect Robbie Fusch. It has been on the market in the past for $32.347 million with another Dallas real estate firm.