Dallas' Most Expensive Spec Home Ever Sells for 30% Under Original Price

Ever since 2008, many thought brand-new 3500 Beverly Drive in the high-net worth community of Highland Park, smack in the middle of Dallas, was destined to be the home of former president George W. Bush and his wife, Laura. But here we are, two years later and the home remained unsold, until it was reduced to $12.5 million and found a buyer -- Dallas billionaire Scott K. Ginsburg.

It has a basement that parks 8 to 10 cars (or could be a bomb shelter); it was constructed with a solid concrete shell (to withstand a terrorist attack); it was huge and elegant, befitting the former leader of the free world. But 3500 Beverly turned out to be the city's most expensive spec home ever built.

Originally priced at $18 million the 26,000-square-foot home was more than loaded. But when it was completed in fall of 2008, multimillionaires were scarce, running scared; the timing could not have been worse. Financial conditions were not conducive to selling such a mansion to the kind of person who could afford it, even if they could afford it. So 3500 Beverly sat. And sat.