Vancouver real estate: Mansion sold for $ 42 million, well below asking price but still a record


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

Representatives from Sotheby’s International Realty said last week that the mansion known as Belmont Estate had sold for the highest price on record in the region for a single-family home on one lot.

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

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

Sotheby’s wouldn’t say if the house sold at, above, or below the list, nor would the company say if it was for sale under the same owners.

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

Documents show that prior to this sale it was purchased for around $ 7.1 million in 2009, suggesting that the owners who previously attempted to sell the mansion for $ 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 taken down. Records suggest it did not sell at that time.

Sotheby’s Christa Frosch would not provide many details on the buyer or purchaser 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 as 1307876 BC Ltd. The director of the company is Peter Chung, a physician who is CEO of Primacorp Ventures.

This company describes Chung as an “entrepreneur, philanthropist and diplomat … with businesses in education, real estate, healthcare and social enterprises.”

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

The estate in Vancouver’s Point Gray neighborhood is 20 years old, according to the listing, and it took more than five years to build.

Features include a stone waterfall, elevator, wine cellar, ocean and mountain views, indoor pool, library, and six parking spaces.

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

About Mary Moser

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