New York, NY (CNN) A family of four in Crystal City, Arkansas, has paid more than $1 million to buy their home.
The Crystal City Development Corporation has announced plans to demolish the home, and will start construction in a new home for the family in the area.
“This home is in our family,” Crystal City developer Richard S. Hickey told CNN affiliate WYFF.
“It’s something we’ve been working on for years, so it’s not just something we just got around to.”
The developer says it’s the most expensive home they’ve ever built.
Hickey said the Crystal City home will house the family’s two young children.
Crystal City Development is a partnership between the state of Arkansas and the developer of the Crystal Lake subdivision in Arkansas.
It’s the latest in a string of high-priced development projects.
This year, a new luxury condo project in the Arkansas city of Fayetteville has been approved and the city is considering a new hotel, retail, office space and even a new airport.