West Plano Custom Home

3204 Breton Drive

This custom home is located in Whiffletree Phase VII, a subdivision that failed in the late 1980s, and the land was foreclosed. The asset became bogged down in the savings and loan crisis and ultimately ended up in the hands of the Resolution Trust Corporation or RTC, a federal government entity established to affect an orderly selloff of the real estate assets acquired from the savings and loan collapse. I purchased the property from the Resolution Trust Corporation and took over as the developer and completed the 127 lot subdivision.

My plan was to wholesale the completed lots to a group of custom home builders. But builders weren’t buying. Even with extremely low lot prices and generous takedown schedules, builders refused to buy the lots. The neighborhood had been dead for so long it had bad karma. Facing a $3.2 million capital obligation, and unable to sell the lots to builders, I founded Ascot Custom Homes to build my way out of the project.

This was the first home I ever built. It was also the first spec home I ever built. I sold this home one week after I completed construction. It would become the only house I completed before selling it for 12 years.

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