One of Dallas’ most recognizable luxury homes has reduced its asking price after spending more than a year on the market.

The Rachofsky House, owned by prominent art collectors and philanthropists Howard and Cindy Rachofsky, lowered its listing price by $5.5 million last week, bringing the new asking price to $17.5 million. The reduction marks nearly a 24% drop from its previous $23 million listing, according to Zillow.

Located at 8605 Preston Road, the property first entered the market privately in May 2025 without a public asking price. It was later officially listed in October 2025 to attract a broader pool of buyers interested in preserving the landmark estate.

Landmark Modernist Home Designed by Richard Meier

The neo-modern mansion was designed by acclaimed architect Richard Meier, known for projects including the High Museum of Art in Atlanta. Completed in 1996, the white metal-paneled residence sits atop a black granite platform and spans more than 9,000 square feet.

The property includes two bedrooms, six bathrooms, and several outdoor art installations, including Robert Irwin’s “Tilted Planes,” a sculpture displayed prominently on the front lawn. Real estate agents Faisal Halum and Bill Churchill of Compass are handling the listing. The agents declined to comment Tuesday regarding the latest price reduction.

Despite the cut, the Rachofsky House remains among the highest-priced publicly listed homes in Dallas County.

Estate Known for Art, Philanthropy and High-Profile Events

The home has long served as both a private residence and a major cultural gathering space in Dallas. Over the years, it became widely associated with the annual Two x Two gala, a fundraising event benefiting the Dallas Museum of Art and amfAR, the Foundation for AIDS Research.

The final edition of the gala took place in October 2024. During the events, the Rachofskys regularly removed much of their personal art collection and furnishings to accommodate auction exhibitions and large-scale receptions.

The estate has welcomed a wide range of notable guests over the years, including actors Sharon Stone and Alan Cumming, business and sports figures such as Jerry Jones and Dirk Nowitzki, and musicians including Diana Ross and Ricky Martin.

Sale Part of Family Estate Planning

Howard and Cindy Rachofsky previously said the decision to sell the home was tied to long-term estate planning. The couple indicated they did not want the responsibility of maintaining the property to fall on their children.

Their internationally recognized art collection has already been pledged to the Dallas Museum of Art.