Foreign Property News | Posted by Zarni Kyaw
Fincastle, an East Texas spread that once served as a hideout for a notorious Dallas gangster and a Las Vegas gambling kingpin, has been sold for more than $11.95 million.
The 1,369-acre property, which is an hour and a half from Dallas and minutes from the town of Athens, was listed nine months ago for $11.95 million by Bernard Uechtritz, owner of The Icon Global Group, and sold on Feb. 6.
“It went for more than the asking price,” said Mr. Uechtritz, who declined to disclose the actual dollar mount.
The heavily wooded and wildlife-filled compound, which lately had been used as a gentleman’s farm and a weekend home, had not been on the market for more than a half century, he said, adding that it had been owned by one of Dallas’s old-money families—the Schoellkopfs, who made their first fortune in the saddle trade—since 1968.
The estate is anchored by three spring-fed, fully stocked lakes of 60, 30 and 20 acres and contains three modern homes that can sleep up to 30 people. It also has several boat docks.
“It’s a legacy property with a storied history and provenance,” Mr. Uechtritz said.
The property, which takes its name from Lord Fincastle, one of the last British governors of Virginia, had originally been owned by Ivy Miller, the business partner of Las Vegas gambling kingpin, career criminal and convicted murderer Benny Binion, who built the big house and used it as a gambling den, according to the listing.
The city of Athens, which has a population of 12,710, bills itself as the Black-Eyed Pea Capital of the World and was one of the state’s first certified retirement communities. Calls, texts and emails to the Schoellkopf family seeking comment were not immediately returned.
The sale was first reported by The Dallas Morning News.
Ref: Property Report
