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
Several flight attendants from Pakistan have gone missing after landing in Canada
Multiple flight attendants from Pakistan International Airlines have abandoned their jobs and are believed to have sought asylum in Canada in the past year and a half, a spokesperson for the government-owned airline says.
Doctors visiting a Gaza hospital are stunned by the war's toll on Palestinian children
An international team of doctors visiting a hospital in central Gaza was prepared for the worst. But the gruesome impact Israel’s war against Hamas is having on Palestinian children still left them stunned.
BREAKING Ottawa public school board, 3 Toronto-area school boards launch lawsuit against social media giants
The Ottawa-Carleton District School Board and three school boards in the Toronto-area have launched legal action against social media giants, accusing them of "disrupting students' fundamental right to education."
Crypt near Marilyn Monroe and Hugh Hefner could fetch US$400,000 at auction
A one-space mausoleum crypt in the vicinity of Marilyn Monroe and Hugh Hefner will go on auction Saturday, when it is expected to reach between US$200,000 and $400,000.
Premiers not being truthful about carbon tax, Trudeau says while sparks fly in Ottawa
Prime Minister Justin Trudeau says Conservative premiers across the country are 'not telling the truth' when it comes to the carbon tax. Trudeau's comments came as fresh sparks were flying in Ottawa at a recalled House of Commons committee.
A Nigerian woman reviewed some tomato puree online. Now she faces jail
A Nigerian woman who wrote an online review of a can of tomato puree is facing imprisonment after its manufacturer accused her of making a “malicious allegation” that damaged its business.
Far North police 'dispatch' polar bear stalking schoolyard
Police and local hunters in an Ontario Far North First Nation community have “dispatched” a polar that was showing abnormal behaviour and treating the area as a hunting ground.
Cargo ship had engine maintenance in port before Baltimore bridge collapse, officials say
The cargo ship that lost power and crashed into a bridge in Baltimore underwent 'routine engine maintenance' in port beforehand, the U.S. Coast Guard said Wednesday.
'Ninja,' Twitch's biggest streamer, is diagnosed with skin cancer
American gamer and Twitch superstar, Tyler 'Ninja' Blevins, revealed he was diagnosed with melanoma, a form of skin cancer.