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Real Estate

Tyler Dream Home Has New Owner

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imageOver the weekend, the Lake Tyler HGTV Dream Home was auctioned off for $1.3 million to Dallas resident Rick Mullins.  

Not unlike previous Dream Home winners, Don Cruz had trouble maintaining the home and steep property taxes.

The home, along with all the furnishings, was auctioned off this past Saturday.  After an initial asking price of $5 million, the open bid dropped to $1 million before selling for $1.3 million. The house is appraised at $2 million, with estimated property taxes of $25,000.

The land beneath the home is owned by the city of Tyler, and must be leased annually. The home also may not be used for commercial purposes, leaving owners with few options but to enjoy it as a personal vacation retreat.

Posted: January 16th, 2008 under Real Estate.
Comments: 3

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