This huge estate on Lake Austin sold for a record-breaking $12.3 million


Price is a record for a non-ranch residential property in Austin, broker says.

The 7,663-square-foot home is in the prominent Watersedge community on Lake Austin.

A luxury estate on Lake Austin has sold for $12.3 million, a record for a residential property in Austin, its listing broker said Thursday.

The home, at 3901 Watersedge Drive, had been listed for $12.95 million.

“A sale of this magnitude is thrilling for Austin,” said DMTX Realty’s Dave Murray, who represented the seller, Casa 41 Trust, along with agent Mons Anderson. “It shows that ultra-luxury home buyers consider Central Texas to be an in-demand location to invest.”

The next highest residential sale was 3201 Westlake Drive, which sold for $11.5 million in 2016, local Multiple Listing Service records show. The only properties in Austin to sell for a higher price than the Watersedge estate were ranch properties of more than 128 acres, Murray said.

The Watersedge price could be eclipsed if another waterfront home currently on the market — that of Austin tech entrepreneur Philip Berber and his wife Donna — sells for its list price.

The Berbers put their 30-acre property overlooking Lake Travis on the market last year, asking $14.95 million. Known as Commanders Point Estate, the 9,642-square-foot mansion, also listed by Murray, is now priced at $13.9 million.

The Watersedge property, built in 1987, is regarded as one of the most private estates on Lake Austin, Murray said.

The 7,663-square-foot home has six bedrooms, seven bathrooms and underwent an extensive renovation in 2011, led by renowned Austin architect Michael Hsu.

Flanked by bluffs and perched on its own gated peninsula, the 1.5-acre estate has a private boat dock, 500 feet of waterfront, a negative-edge pool, a cabana and an outdoor kitchen.

Travis Central Appraisal District appraised the property at $5.5 million last year, but put its assessed value, after a homestead exemption, at $4.7 million.

The appraisal district shows Casa 41 Trust purchased the property in February 2013, but deed records have not yet been updated to reflect the new owner. DMTX is not releasing the buyer’s name.

Murray has sold some of the most high-profile properties in Austin and Central Texas — including Austin’s Acqua Villa on Lake Travis and Patron de Paz Ranch in Dripping Springs. Patron de Paz, formerly owned by John Paul DeJoria, co-founder of John Paul Mitchell Systems and Patrón Spirits, sold for $6.93 million.

While the Austin real estate market has been on an upward streak for several years running, the recent Watersedge sale is a new milestone, said Jonathan Berry, marketing director wtih DMTX Realty.

“We have seen home values rise the last several years, and with the influx of tech people and the prominence of startups in the city, there is a growing market for high-value estates,” Berry said. “On the luxury side of things, we are not quite to Malibu or San Francisco level prices, but this represents that the ceiling is still to come for upper-echelon luxury. People want to be in Austin.”

Reader Comments ...

Next Up in Business

Top Local Business Stories of the Week

MILITARY TECH General says new tech center in Austin will keep U.S. Army relevant: The U.S. Army’s new technology center in Austin, named its Futures Command, is necessary for the military branch to remain “the best army in the world,” Army Lt. Gen. Eric Wesley said this past week. Wesley, who was in Austin with a team of Army officials...
Austin-area apartment rents hit record high
Austin-area apartment rents hit record high

For a couple of years, apartment dwellers in the Austin-area got a bit of a break from sharply rising rents amid a surge of new supply and somewhat slower job growth. But the respite is proving to be short-lived, experts say. Job growth has gained momentum, leasing has picked up steam and the Central Texas apartment market is once again on the rise...
Area jobless rate at 3.2% amid hot economy; average wages slow to rise
Area jobless rate at 3.2% amid hot economy; average wages slow to rise

A trend of near 20-year lows in the Austin metro area’s monthly unemployment rate continued in June, although by some measures the tight labor market has yet to fuel gains in average wages for workers. The local jobless rate registered 3.2 percent last month, according to the Texas Workforce Commission, the lowest nonseasonally adjusted rate...
Man fired after encounter with 'racist' customer. After sharing his story, Home Depot offers job back.
Man fired after encounter with 'racist' customer. After sharing his story, Home Depot offers job back.

After a man last Thursday approached the checkout at a Home Depot in Albany, New York, staff member Maurice Rucker asked him to leash his dog. That's when the man exploded. » RELATED: Atlanta's Home Depot growing in various ways, but not new stores Rucker, a 60-year-old black man, claimed he was fired Tuesday after defending himself from...
Colton House luxury hotel planned for South Congress Avenue
Colton House luxury hotel planned for South Congress Avenue

Austin’s hotel boom shows no signs of letting up. The latest example: Developers have started work on an 80-room luxury hotel in South Austin. The Colton House is going up at 2510 S. Congress Ave., near West Oltorf Street. The site had previously been occupied by the Taste of China Express restaurant. It’s set to debut in fall 2019. Inherit...
More Stories