The energy industry bigwig and his wife, who oversaw the home’s overhaul, are downsizing and have recently put the historic home on the market for $7.95 million.
Built in the early 20th century for banker Earl Baldridge, the grand, three-story home is fashioned out of limestone and includes notable features such as huge columns, carved wood paneling throughout, and even a bank vault in the basement, a nod to its Wild West pedigree.
All of those distinct features remain after the estate’s remodel, including the original vault, which now houses a media room.
Over the decades, the mansion fell into disrepair. It was in foreclosure in 2007 when Paun Peters, president of Western Production Co., an oil and gas company, and his wife snapped it up for about $3 million.
“My wife, dare I say, lusted for that house,” Peters said in an interview with Bloomberg. “She always dreamed of having herself in there and walking around on one of those balconies.”
It’s understandable, because those balconies are of the most romantic variety. When the couple bought the home, it desperately needed work. The renovation took years and $4.5 million, including $500,000 just for the landscaping.
“We had an almost unlimited budget on what we needed to get done,” Peters said. “We even got in Italian cypress trees from California.”
The result is an 11,725-square-foot masterpiece with six bedrooms, six baths, and two half-baths. The acre-and-a-half property is surrounded by a privacy fence and hedge.
The home remains true to its roots, while featuring a few modern amenities. They include a two-level garage for 11 cars, a dive pool, and an outdoor pizza oven.
Not surprisingly the Peters family used the property for extensive entertaining, including weddings and fundraisers.
Peters told Bloomberg he felt like he and his family were “good stewards of the house.” Now he’s ready to hand off the home to a lucky new owner looking to own a piece of Texas history.