Posted: Sun, 31 May 2009 08:52 PM - 9,314 Readers

By: Michele Chan Santos

This huge four-story home sits on a 2.36-acre lot on Lady Bird Lake. From its patios, porches and terraces, you have clear views of the Capitol, downtown, Zilker Park and Lake Austin Boulevard.

The house is a familiar sight, as it can be seen from MoPac Boulevard (Loop 1) as you are driving south over Lady Bird Lake; it is a yellow Mediterranean-style house with a red tiled roof.

This property is on Stratford Drive. This street curves from Barton Springs Road, under the MoPac bridge past the Austin Nature and Science Center, and up a hill and west to this portion of the street, where there are many multimillion-dollar homes.

The home comes with 165 feet of waterfront, a dock and a curving trail through a wooded area from the main house to the dock.

This residence has had only one owner, the Farsi family. (They do not currently live in the house.) The home was built in 1985 and has a lot of "Dynasty"-style glamour: huge Italian crystal chandeliers that cost about $150,000 when they were ordered in the 1980s, gold-toned accents in the bathrooms, a circular master bathroom tub and ornate wood carvings and columns.

There are two kitchens: one on the second floor, and another on the first floor. The first-floor kitchen, called the "summer kitchen" by the owners, is a sunny space adjacent to a large tiled family room. This area opens to a large covered back patio near the pool.

The house has five bedrooms, six full bathrooms and 9,161 square feet.

Where: 2504 Stratford Drive, Austin, 78746

Amenities: There is a newly updated pool house with a large bedroom, full bathroom and full kitchen, which could be used as a guest house or in-law residence. Next to the pool house is a hot tub, and both overlook the pool and the lake. The pool is heated and has a tall waterfall.

Agent: Stephanie Nick, Capital City Sotheby's International Realty

Asking price: $4.48 million

FYI: Visitors enter on the main floor, which is the second floor. The formal living room has high ceilings, a chandelier and Corinthian-style columns, as well as large art display spaces. This floor has a formal dining room, conservatory, breakfast and family room, as well as the main kitchen, a bedroom and full bathroom, a laundry room, mud room and another wing with two full bedrooms and a full bathroom.

A curving spiral staircase leads to the third floor, which holds the master bedroom. This bedroom has large windows. The master bedroom has its own sitting room, two terraces with lake views, the master bathroom and a study with a full bathroom (the study could also be used as a bedroom).

The fourth floor holds an exercise room with a lot of natural light.

The property is fenced and gated and has a two-car garage. Visitors enter through a main gate onto a private circular drive. The property also has a service driveway for caterers and others.

*  Story Contributed by: Michele Chan Santos