A car dealership tycoon has quickly snapped up three mansions in arguably the richest neighborhood in Dallas, which has locals wondering what he’s going to do with the homes and the land.
According to Dallas County deed records, Clay Cooley of Clay Cooley Auto Group and his wife Lisa took out $13 million in loans tied to the home on Bordeaux Avenue and Armstrong Parkway shortly after they were purchased in late 2024, The Dallas Morning News reported.
The loans against the properties – $7 million for one and $6 million for the other – were taken out via limited liability corporations tied to Cooley and his wife.
While it’s not clear why they borrowed against their new real estate, Todd Luong, a RE/MAX agent in Frisco, told the Morning News that it could have been done so they could have more capital to invest.
These two new homes border the couple’s original home, on Armstrong Parkway, which they bought in 2020 in Highland Park, a wealthy enclave nestled several miles north of downtown Dallas.
With their latest purchase, they now own roughly 2.5 continuous acres of land near the home of Dallas Cowboys owner Jerry Jones.
There is no indication yet on what Cooley may do with his new land, but most are speculating that he’s aiming to build his dream home.
If that involves demolishing one or both of the homes he just bought, city preservationists could further involve themselves.
Preservation Park Cities, founded in 1982, is an organization that seeks to maintain the historical character of an area called Park Cities, which encompasses the upscale neighborhoods of Highland Park and University Park.
In 1986, the organization managed to save a 1908-built home from being bulldozed. It was later restored and moved to Old City Park, where many 19th and 20th century homes and commercial buildings sit for passers by to marvel at.
The organization is now concerned that Cooley could demolish one of the homes he now owns that it feels has historical value.
The Tudor-style home on Bordeaux Avenue was designed by locally famous Dallas architect Hal Thompson and constructed in the 1920s.
Thomson & Swaine, Hal’s architectural firm, has built well over a dozen homes in the Highland Park and University Park neighborhoods.
Preservationists aren’t as concerned about the other homes but would rather see them remain where they are or be moved somewhere else.
The mansion on Armstrong Parkway was built by Dallas architect Anton Korn, who designed several other notable properties in the area throughout the 1920s and 1930s.
The property on Armstrong, built in 1997, has been dubbed the ‘Mushroom House’ for its fungus-like shape and shingle color.
The Cooleys have applied for a plumbing permit at the Bordeaux Avenue home and a mechanical permit at the Armstrong Parkway home.
Still, they have not yet filed any remodel, building or demolition permits with the city for any of the three properties.
This has given Larry Good, a retired architect and a spokesperson for Preservation Park Cities, some hope that he can get through to Cooley.
Cooley made a good will appearance at the Preservation Park Cities’ February meeting, where he had some good conversations with members, Good said.
Two weeks ago, Cooley also allowed the group to tour and photograph the homes at Bordeaux Avenue and Armstrong Parkway.
‘It’s unprecedented for someone to come to one of our board meetings and say “I don’t want to make any enemies,” Good said. ‘We’re doing what we can to be a good friend to him too. …I’m optimistic.’
Good said he’s hopeful that Cooley will at least save the home on Bordeaux Avenue, adding that during the meeting, he proposed ideas on how to preserve it.
‘I did a little drawing for him, and I showed him how he could leave [the Bordeaux home] as a guest house [and] build the home of his dreams on the two Armstrong lots,’ Good said.
Highland Park ordinances already prohibit homeowners from combining more than two lots, so this proposal could go over well with Cooley.
‘It would be great if we could especially preserve that Hal Thomson house because it’s a great house,’ Good said. ‘There’s really no reason to tear it down. …You can do one hell of a house without taking that lot.’