There goes the neighbourhood. President Bush has taken another step towards leaving the White House by buying a home in one of the richest enclaves in America: the exclusive Preston Hollow neighbourhood in Dallas, Texas. His wealthy new neighbours will include the billionaire Ross Perot, who many argue cost Mr Bush’s father a second presidential term, and T. Boone Pickens, the Texan oilman behind the Swift Boat advertisements that ruined the presidential bid of John Kerry in 2004. The neighbourhood has numerous other members of theForbes 400list of wealthiest Americans and local sport heroes.

Mr Bush may not be the most hated man on the block however. Just across his back fence lives Tom Hicks, the owner of Liverpool Football Club.

A ferocious campaign has tried to remove the billionaire businessman from the Kop. Liverpool fans say that Mr Hicks is ignorant about the game and has tainted the reputation of one of the most famous football clubs in the world. In his first press conference as owner he referred to the goalkeeper as a goaltender and called defenders defencemen.

According to reports the home purchased by the President and Laura Bush, the First Lady, was valued by county officials at $2.1 million (£1.4 million), although it is believed that they paid as much as $3.8 million.

The 1.1 acre ground has a four-bedroom home that backs on to the estate of Mr Hicks, which is valued at nearly $26 million. The men have a history that started with the $25,000 campaign contribution Mr Hicks gave to Mr Bush after his 1994 gubernatorial election and his purchase of the Texas Rangers baseball franchise from the man who was then the Texas Governor in 1998. Mr Bush’s 2,400 per cent return on his initial $600,000 investment in the Rangers is the main source of his personal wealth.

Mr Bush made a brief statement that he was working to “speed a return to a healthy housing market” and appears to have bought into the bottom of the market. Neighbours say that the adjacent home is also under contract, causing speculation that the Bushes may try to buy it.

Preston Hollow has plenty of appeal to the President. It is close to the new Bush Presidential Library, a few hours’ drive from the Crawford Ranch and home to some of his biggest fundraisers.

Times recommends

• Second homes: credit crunch casualty or money-spinner?
• How I built my own sliding house
• Top 10 incentives for house buyers