Vancouver mansion sold for $42M, well below the asking price but still a record high

VANCOUVER -

A Vancouver mansion sold this month for what realtors described as a record-breaking price was purchased well below what its owners were asking.

Representatives of Sotheby's International Realty said last week the mansion known as the Belmont Estate sold for what was the highest price ever in the region for a single-family detached home on a single lot.

But the company refused to provide any details of the sale to CTV News, citing the privacy of both seller and buyer.

Sotheby's would only say that it sold for more than the previous record of $31.1 million, and a public listing showed the asking price of $58 million. This was down from when then-owners Joseph and Rosalie Segal tried to sell the home for $63 million several years earlier.

Sotheby's would not say whether the home sold at, above or below listing, nor would the company say whether it was for sale under the same owners.

According to documents through BC Assessment, the mansion was sold on July 9 – a cash sale for $42 million.

Documents show that, prior to this sale, it had been bought for about $7.1 million in 2009, suggesting the owners who previously tried to sell the mansion at $63 million in 2017 were the same as the owners who accepted the much lower $42 million this month.

The five-bedroom, 12-bathroom estate was also listed in 2020 for $58 million, but the listing was pulled down. Records suggest it did not sell at that time.

Sotheby's Christa Frosch would not provide many details on the buyer or buyer of the 21,977-square-foot home except to say that they are Canadian.

Records show the home was purchased by a company incorporated earlier this year under the name 1307876 B.C. Ltd. The company's director is Peter Chung, a doctor who is CEO of Primacorp Ventures.

That company describes Chung as an "entrepreneur, philanthropist, and diplomat...with businesses in education, real estate, health care and social enterprise."

Frosch did not answer questions from CTV News about how long it typically takes to sell a house in this price category, saying only that it involves finding the right buyer, and that sometimes that means a house stays on the market longer than something more affordable to the general public.

The estate in Vancouver's Point Grey neighbourhood is 20 years old, according to the listing, and took more than five years to build.

Among its features are a stone waterfall, elevator, wine cellar, ocean and mountain views, indoor pool, library and six parking spaces.

See more photos and read more about the estate at 4743 Belmont Ave. in last week's coverage.