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A palatial River Oaks estate built for a Saudi Arabian Prince in the mid-1980s has been sold to a local real estate investor.
Tracy Suttles of NBC Holdings, which specializes in multifamily properties, purchased the 22,000-square-foot mansion located at 1000 Kirby Drive, between Shepherd and Inwood.
The three-story swankienda constructed in 1986 for an estimated $25 million sold at a deep discount from what it cost to build.
The property traded for roughly $6.25 million, according to a source familiar with high-end Houston real estate.
Martha Turner Properties and Christie's Great Estates in New York were involved in the sale of the home, which more than two years ago was listed at $15 million. Turner says the sales price was later reduced to $9.95 million.
"It's an incredibly built home," says Turner.
The massive stone-and-marble palace sits on 3.5 acres of River Oaks land that backs up to Buffalo Bayou.
The contemporary structure includes a 60-foot swimming pool and cabana, a 1,800-square-foot basement, separate living quarters for staff and a beveled glass and brass double-wide front door that is said to have cost $100,000.
The home's former...