High Quality Content by WIKIPEDIA articles! Preston Hollow is a subdivision in north Dallas, Texas, USA. It is one of the wealthiest areas in the Dallas Fort-Worth metroplex.Originally incorporated as a municipality in 1939 and provisioned by the Preston Road Fresh Water Supply District, the North Dallas town of Preston Hollow was named for the deep wooded area with creeks and hollows extending westward from Preston Road. Preston Hollow originally extended from east of Preston Road, slightly north of Walnut Hill Lane, west of Midway Road and southwest of Northwest Highway. In 1945 Preston Hollow residents voted to join with the city of Dallas and the municipality was annexed to Dallas shortly thereafter. In 1956, the neighborhood association's covenant stated that only white residents were allowed to live in Preston Hollow. This policy, though never legally enforced, was repealed in 2000.