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
BREAKING Pearson gold heist suspect arrested after flying into Toronto from India
Another suspect is in custody in connection with the gold heist at Toronto Pearson International Airport last year, police say.
Justin and Hailey Bieber are expecting their first child together
Hailey and Justin Bieber are going to be parents. The couple announced the news on Thursday on Instagram, both sharing a video that showcases Hailey Bieber's growing belly.
From outer space? Sask. farmers baffled after discovering strange wreckage in field
A family of fifth generation farmers from Ituna, Sask. are trying to find answers after discovering several strange objects lying on their land.
Debate on abortion rights erupts on Parliament Hill, Poilievre vows he won't legislate
A Conservative government led by Pierre Poilievre would not legislate on, nor use the notwithstanding clause, on abortion, his office says, as anti-abortion protesters gather on Parliament Hill.
Ontario family receives massive hospital bill as part of LTC law, refuses to pay
A southwestern Ontario woman has received an $8,400 bill from a hospital in Windsor, Ont., after she refused to put her mother in a nursing home she hated -- and she says she has no intention of paying it.
Here are the ultraprocessed foods you most need to avoid, according to a 30-year study
Studies have shown that ultraprocessed foods can have a detrimental impact on health. But 30 years of research show they don’t all have the same impact.
Miss Teen USA steps down just days after Miss USA's resignation
Miss Teen USA resigned Wednesday, sending further shock waves through the pageant community just days after Miss USA said she would relinquish her crown.
B.C. man used Bobcat as 'weapon' while chasing away homeless people, judge says
A B.C. man has been convicted of assault with a weapon after using a skid-steer Bobcat to chase two homeless people from his lawn, injuring one of them in the process.
'Nobody should be getting away with murder': Grieving mother speaks out after son killed in North Preston, N.S.
A grieving mother is speaking out after her 36-year-old son was shot and killed in North Preston, N.S., Wednesday night.