North Dallas' biggest residential estate, the former Hicks property on Walnut Hill Lane, has sold to a local developer.

Mehrdad Moayedi, CEO of Centurion American Development Group, made the winning bid of $36.2 million for the 25-acre property on the west side of the Dallas North Tollway.

The historic mansion and surrounding grounds was once on the market for more than $100 million. Moayedi acquired the 28,000-square-foot, 10-bedroom, 5-bath house at a sale held Wednesday by Concierge Auctions.

"There were about eight other people bidding for it," Moayedi said.

The developer plans to preserve the original house - which dates to the 1930s - and use some of the surrounding land to construct additional super luxury homes.

"We are going to leave 10 acres for the main house," he said. "There will be five houses on the Walnut Hill side. Moayedi said he was in talks with six or seven builders.

The huge estate originally had separate lots fronting along Walnut Hill. Businessman Tom Hicks who remodeled the home acquired additional property to enlarge the estate. Dallas billionaire banker Andy Beal bought the house in 2016, and then put it up for sale early this year.

Concierge Auction in November announced plans to sell the property to the highest bidder.

"We're going to name the project the Crespi Estates after the original owner," Moayedi said. "We are going to try and sell the big house. If I don't get the right offer I will keep it."

Centurion American Development is one of North Texas' largest residential community developers. The Farmers Branch-based company also redeveloped the historic Statler Hotel in downtown Dallas and completed the Stoneleigh condominium tower in Uptown.

Italian-born Dallas cotton trader Pio Crespi built the French-style house on Walnut Hill in the late 1930s. The house was totally rebuilt and substantially enlarged starting in 2000.

The main house has seven bedrooms plus additional staff bedrooms. The master suite alone is 3,000 square feet. There's a separate 2-story guesthouse and an entertainment building with theater, game rooms and other features.

Dallas real estate agent Allie Beth Allman handled the 2016 sale of the mansion to Beal and had the most recent listing to sell the house for $48.9 million.