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A flamboyant video game developer is putting his vast party pad on the market: a roughly 5-acre property on Texas’s Lake Austin that includes a life-size medieval village, lighthouse and pirate ship.

The spread is asking $45 million, which would set a new record for Austin if it fetches its asking price, said Gary Dolch of Kuper Sotheby’s International Realty, who has the listing with his wife Michelle Dolch.

The living…