Billionaire Perry Estate plans to sell property to raise cash
A Houston-based estate management company plans to put a $1 billion dollar buyout on the block and will lease out the property to an investor.
Perry Estate is buying the vacant property at 9200 S. Loop 1604 in west Houston, and will also lease it to a Houston-area developer.
Perrys estate has sold a parcel of land it owns in northwest Houston to a Dallas developer in December and is in negotiations to buy another parcel in the area, according to court documents.
Perrins land in southeast Houston, along with the former site of an East Dallas shopping center, was purchased in 2014 for $2.7 billion.
The land is just a short walk from the Dallas airport and the city’s downtown core, according the Texas Lottery, which manages the land.
The company plans on making a profit on the sale of the property and leasing it to the developer, according court documents filed on Feb. 2.