Homes and Condo Mississauga

At $59-million, this Oakville property may be the hardest house to sell in Canada

Chelster Hall is located on 10 acres of the main Oakville waterfront.

The Globe and Mail

For sale: beer baron & # 39; s dream home on 10 acres of the main Oakville waterfront, finished in 2006, with its own chapel, indoor and outdoor pools, murderous opinions and with a new lower price of only $ 59 million (discounted from $ 65 million).

That's how many agents sell Chelster Hall, 1150 Lakeshore Rd. E., built by Hugo Powell, former CEO of Interbrew, hoping to get.

For most Canadians this is an absurd number to consider for a single-family home. Ground sales in that stratosphere are typically reserved for gigantic farms in the west of the country or for commercial buyers who plan to spend millions more for creating an office or residential tower.

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How do you sell a property? like that?

"It generally takes a few years to sell, it's a combination of patience and ultratargeted marketing," said Paul Maranger, broker and senior vice president of Sotheby's International Realty Canada, which lists manages at Christian Vermast. "Our ideal buyer has just sold his business for $ 300 million and is shopping, with only a few houses of this size in circulation in Canada at the beginning."

"This is not merchandise, this is like buying an expensive piece of jewelery or an expensive work of art "Vermast said. The price of Chelster Hall is at least two-thirds of the huge fate, he says. "I have faith because it will sell and sell well."

Jimmy Molloy, representative at Chestnut Park Real Estate Ltd., one of the few agents in Toronto to close deals in this price range, agrees that it is unique to find a grand house like this one , Chelster Hall is not unique in its price range.

"In the last 10 to 15 years, there has been an era in which people have built truly beautiful and unique properties.These houses are not only houses but also an expression of hugely successful people who build homes that in some ways are a gift to the city, "he said. "Those houses are not traded."

The two most expensive homes traded in Ontario in the past two years went for less than half the price of Chelster Hall. In 2016, 15950 Weston Rd. (a 14-room house on 40 acres of forest in King Township north of Toronto), sold for $ 21.9 million, $ 3 million below the asking price of $ 24.9 million. In June this year, my managing director Robert McEwen had to settle for $ 19.8 million for his Rosedale house on 10 Highland Ave. after initially an enumeration of $ 27.5 million.

The agents representing Chelster Hall said they already have a high-profile country house sales under their belt: the 2016 sale of the Canadian architectural masterpiece known as Integral House. The impressive 18,000-square-foot home was built by mathematician James Stewart for nearly $ 34 million, according to some reports. When Stewart died in 2014, his estate initially listed the house for $ 28 million. Eventually the price of the offer dropped to $ 19.5 million before being sold for $ 14.9 million in 2016 to Canada Pension Plan Investment Board chief executive officer Mark Machin.

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The agents say that you sell such a big house, because this is less about waiting for a buyer to find you than to the beat the bushes to rinse some of the world's ultra-beings, who in many cases may not know they want such a trophy feature. [19659004] "The buyer is not just the big Canadian family, you really have to expose the property to the world," said Mr. Molloy.

Mr. Vermast and Mr. Maranger have already built open houses and brought their roadshow to other Sotheby offices in Canada and will show Chelster at one of the company's 65 international offices.

"We did a presentation in Montreal, it currently has a lot of foreign investment because it does not have foreign buyer tax," Mr Vermast said. "We see the buyer coming from India, China, the Middle East, possibly Russia … someone with global business interests," said Maranger.

A possible disadvantage is that Chelster Hall is built to last. It took Powell five years to partially complete the house because he hoped to build a structure that would survive 500 years, just like his inspiration, Blickling Hall in Great Britain (built in 1616). According to Mr. Molloy, most buyers in this category want the country and want to build something of themselves, according to their own vision.

"In many ways you are looking for someone who wants to be parachuted in the dream," said Mr. Molloy.

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