Movin' on up

After move to $10.5 million River Oaks mansion, Joel Osteen offers Tanglewoodland for $1.1 million

The Osteens have moved into a $10.5 million River Oaks mansion.
Photo by Clifford Pugh
The Osteens are selling a Tanglewood lot that adjoins their former home; askingprice: $1.1 million.
Photo by Clifford Pugh

At Lakewood Church, Joel Osteen proclaims,"It's God's will for you to live in prosperity instead of poverty." The pastor of the Houston megachurch and wife Victoria certainly practice what they preach.

The couple has moved to a $10.5 million mansion in River Oaks, while keeping their former Tanglewood residence, valued at $2.9 million.

They are, however, selling a vacant lot next to their former home. Asking price for the half-acre property at the corner of Doliver and Sherbrooke: $1.1 million. Martha Turner Properties has the listing.

The lot is marked by an ivy-covered wall that adjoins the 5,600-square-foot, four bedroom home. When the land is sold, the property will be divided.

In a sign that the Houston real estate market remains soft at the high end, the Tanglewood lot was first offered for sale at an asking price of $1.4 million last August. The price was dropped to $1.299 million in December and to $1.1 million last month.

Several months ago, the couple and their children moved to a 17,000-square-foot stone mansion in the Tall Timbers subdivision in River Oaks. The Osteens' new home is situated on 1.86 acres and surrounded by an ornamental fence. The 411: It has six bedrooms, six bathrooms, three elevators and five wood-burning fireplaces, with a one-bedroom guest house and pool house. The Harris County Appraisal District valued it at $10.5 million.

The Tanglewood house is owned by Joel and Victoria Osteen according to Harris County Appraisal District records. The River Oaks home is technically owned by the Covenant Trust, which means the Osteens do not qualify for a homestead exemption on it. They will pay around $260,000 in property taxes on the new home this year.

"The homestead exemption would reduce that amount, but they probably put the ownership in a trust for federal tax purposes that outweighs the benefits of the property tax exemption," surmised a home appraisal specialist who asked not to be identified.

According to reports, Osteen hasn't drawn a salary from the church since 2005. His income comes from best-selling books and related products, such as calendars, daybooks and inspirational pamphlets.

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Striking French-inspired Houston estate hits market for $12.5 million

TK Images for Martha Turner Sotheby’s International Realty

412 Timberwilde Lane sits on more than two acres in Hunters Creek Village and is on the market for $12.5 million

A magnificent estate awaits in one of Houston’s most desirable neighborhoods. 412 Timberwilde Lane is a stunning brick and limestone home, inspired by French country manor houses. It’s on the market for $12.5 million and represented by Jay Monroe and Stephen Warrell ofMartha Turner Sotheby’s International Realty

Nestled on nearly 2.5 acres of meticulously manicured grounds in exclusive Hunters Creek Village, this home blends old world elegance with modern amenities, including 24/7 private security. The grand foyer’s soaring ceiling sets the tone upon entry, announcing that 412 Timberwilde Lane is something special.

Consider the formal library, with its rich, paneled walls and cross-beam ceiling, and the spacious dining room with its cozy fireplace. The living room offers breathtaking views of the rear gardens, pool, cabana, and tennis courts. Just off the kitchen, a light-filled breakfast room is a perfect place for morning coffee and admiring the grounds.

The primary suite is the embodiment of luxury, with dual bathrooms and ample closet space, ensuring comfort and convenience. This private oasis is a place to unwind and relax.

The home’s second floor offers a floor plan that can be tailored to suit any lifestyle. The bedrooms are generously sized with large closets and private baths. A playroom with a built-in playhouse castle makes for a perfect spot for kids’ imaginations to run wild. Other rooms could be utilized for a second home office, exercise room, yoga retreat, crafting space, or whatever else a family might need.

The third floor offers a game room featuring a wet bar, billiards area, and a big-screen TV, making it the ultimate place to relax and have fun with family and friends. The outdoor areas include an in-ground pool and summer kitchen, perfect places.

This one-of-a-kind estate offers an array of amenities for living and entertaining. Its location is both convenient to the city and a restful retreat.

Photo by TK Images for Martha Turner Sotheby’s International Realty

412 Timberwilde Lane sits on more than two acres in Hunters Creek Village and is on the market for $12.5 million.

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