Vancouver mansion sold for $42M, well below the asking price but still a record high
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.
CTVNews.ca Top Stories
NEW Toxic forever chemicals in drinking water: Is Canada doing enough?
As the United States sets its first national limits on toxic forever chemicals in drinking water, researchers say Canada is lagging when it comes to regulations.
Why drivers in Eastern Canada could see big gas price spikes, and other Canadians won't
Drivers in Eastern Canada face a big increase in gas prices because of various factors, especially the higher cost of the summer blend, industry analysts say.
How to avoid the trap of becoming 'house poor'
The journey to home ownership can be exciting, but personal finance columnist Christopher Liew warns about the trappings of becoming 'house poor' -- where an overwhelming portion of your income is devoured by housing costs. Liew offers some practical strategies to maintain better financial health while owning a home.
'A living nightmare': Winnipeg woman sentenced following campaign of harassment against man after online date
A Winnipeg woman was sentenced to house arrest after a single date with a man she met online culminated in her harassing him for years, and spurred false allegations which resulted in the innocent man being arrested three times.
Arrest made, manslaughter charge pending in 2022 death of Calgary toddler
Calgary police have arrested a man and a charge is pending in connection with the death of a toddler in 2022.
When new leaders took over in ancient Maya, they didn't just bury the former royals. They burned their bodies in public
New archeological investigations in Guatemala reveal that the ancient Maya people had a ritual of burning royal human remains as a public display of political regime change.
Where did the gold go? Crime expert weighs in on unfolding Pearson airport heist investigation
Almost 7,000 bars of pure gold were stolen from Pearson International Airport exactly one year ago during an elaborate heist, but so far only a tiny fraction of that stolen loot has been found.
Prince William returns to public duties after wife Kate's cancer revelation
Prince William will return to public duties on Thursday for the first time since his wife Kate revealed she was undergoing preventative chemotherapy for cancer.
Russia reports downing 5 Ukrainian military balloons in Kyiv's latest apparent war innovation
Russian air defences downed what authorities described as five Ukrainian balloons overnight, the defence ministry in Moscow said Thursday, as the sides kept up long-range strikes that have featured heavily in what has largely become a war of attrition.