Sale of the Week: what the $6.2-million sale of this Mississauga mansion tells us about real estate auctions
Address: 2290 Saxony Court
Neighbourhood: Mississauga
Agent: Sam Allan McDadi, Sam McDadi Real Estate Inc., Brokerage in association with Ritchies Auctioneers
The Property: A four-storey mansion offering 18,000 square feet of white-oak floors under 23-foot ceilings. Its 1,600-square-foot master suite has a room-sized walk-in closet and an enormous en suite washroom. The independent nanny’s quarters on the fourth floor are larger than most Toronto condos, and they’re accessible by elevator. The residence is situated on a half-acre lot among several multi-million-dollar homes, and is a short drive away from the University of Toronto’s Mississauga campus.
The History: The Cerny Residence —a landmark turn-of-the-century Georgian revival home that once sat here—was extensively damaged by fire in 2006. Michael Cerny of Ambassador Fine Custom Homes bought the property, then built the existing mansion for about $7 million (the white exterior limestone alone cost $1 million). Attempts to sell the new home at an MLS listed price of $11,000,000 failed over the next three years, prompting yesterday’s auction, at which it was expected to go for half that.
The Fate: As per Ritchies’s confidentiality guidelines, the buyer of the home remains anonymous. Unless the new owner plans to make this mansion a long-term abode, he or she may end up stuck in the same selling trap as the builder. These audacious digs far surpass the price the Mississauga market is typically willing to pay. In the near future, a 24,000-square-foot mansion planned for a nearby lot will provide some context—and some lively competition.
The Sale: Ritchies started the bidding at $5.5 million yesterday, hoping to close at around $6 million—a price cut worth the international publicity. The auction exceeded expectations by closing at $6.2 million after five bids, but it still failed to recoup the mansion’s construction costs. This sale suggests that no-reserve auctions are best left to folks who are willing to take a major financial hit in order to unload a luckless property. A minimum price may decrease the seller’s risk, but it may also result in no sale at all, as in the case of this unit in the troubled Trump Tower. The most expensive Mississauga residence sold in 2012 went for $7.5 million. It was located on tony Doulton Drive , a mere half-dozen mega mansions away.
By the Numbers:
• $6,200,000
• $4,000,000 of house contents were also auctioned
• $25,000 deposit required on auction day for successful bidder
• 18,000 square feet
• 90 days maximum closing date
• 23-foot coffered ceilings
• 15 minutes of bidding
• 10 per cent deposit required within 5 business days of the auction
• 9 bathrooms
• 7 bedrooms
• 4 storeys
• 3 years unsold on MLS
• 1 Photoshopping controversy
256661 The exterior of this custom-built monster mansion in one of Mississauga's toniest districts. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-3-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-3.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-3.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-exterior-3/ 2290-saxony-court-exterior-3 0 0
(Image: birdhousemedia.ca )
256662 The exterior of this custom-built monster mansion in one of Mississauga's toniest districts. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-exterior/ 2290-saxony-court-exterior 0 0
(Image: birdhousemedia.ca )
256660 The exterior of this custom-built monster mansion in one of Mississauga's toniest districts. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-2-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-2.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Exterior-2.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-exterior-2/ 2290-saxony-court-exterior-2 0 0
(Image: birdhousemedia.ca )
256664 The foyer offers clean lines, a classic look and a grand staircase. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Foyer-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Foyer.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Foyer.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-foyer/ 2290-saxony-court-foyer 0 0
(Image: birdhousemedia.ca )
256663 The foyer offers clean lines, a classic look and a grand staircase. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Foyer-2-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Foyer-2.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Foyer-2.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-foyer-2/ 2290-saxony-court-foyer-2 0 0
(Image: birdhousemedia.ca )
256657 A comfortable, well-lit den, for entertaining. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Den-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Den.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Den.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-den/ 2290-saxony-court-den 0 0
(Image: birdhousemedia.ca )
256658 One of two dining areas. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Dining-Room-2-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Dining-Room-2.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Dining-Room-2.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-dining-room-2/ 2290-saxony-court-dining-room-2 0 0
(Image: birdhousemedia.ca )
256659 The second of two dining areas. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony-Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Dining-Room-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Dining-Room.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Dining-Room.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-dining-room/ 2290-saxony-court-dining-room 0 0
(Image: birdhousemedia.ca )
256667 A marble-accented kitchen with every amenity imaginable. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Kitchen-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Kitchen.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Kitchen.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-kitchen/ 2290-saxony-court-kitchen 0 0
(Image: birdhousemedia.ca )
256666 A marble-accented kitchen with every amenity imaginable. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Kitchen-2-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Kitchen-2.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Kitchen-2.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-kitchen-2/ 2290-saxony-court-kitchen-2 0 0
(Image: birdhousemedia.ca )
256670 The wood-clad office sets a serious tone, with its vintage floors and beams. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Office-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Office.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Office.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-office/ 2290-saxony-court-office 0 0
(Image: birdhousemedia.ca )
256671 A sitting room. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Sitting-Room-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Sitting-Room.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Sitting-Room.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-sitting-room/ 2290-saxony-court-sitting-room 0 0
(Image: birdhousemedia.ca )
256668 The master bedroom is the size of many Toronto condos. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Master-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Master.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Master.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-master/ 2290-saxony-court-master 0 0
(Image: birdhousemedia.ca )
256656 The walk-in closet off the master bedroom would make Carrie Bradshaw jealous. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Closet-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Closet.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Closet.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-closet/ 2290-saxony-court-closet 0 0
(Image: birdhousemedia.ca )
256673 The marble-heavy en suite washroom off the master bedroom. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Washroom-Ensuite-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Washroom-Ensuite.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Washroom-Ensuite.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-washroom-ensuite/ 2290-saxony-court-washroom-ensuite 0 0
(Image: birdhousemedia.ca )
256669 The nanny's quarters on the top floor. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Nanny-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Nanny.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Nanny.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-nanny/ 2290-saxony-court-nanny 0 0
(Image: birdhousemedia.ca )
256672 A home theatre that looks more comfy than the new Cineplex VIP rooms at the Queensway Cinemas. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Theatre-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Theatre.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Theatre.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-theatre/ 2290-saxony-court-theatre 0 0
(Image: birdhousemedia.ca )
256665 A billiard room perfect for a friendly competition, or a staging of <em>Clue</em> (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Game-Room-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Game-Room.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Game-Room.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-game-room/ 2290-saxony-court-game-room 0 0
(Image: birdhousemedia.ca )
256674 The wine cellar is equipped to house hundreds of bottles. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Wine-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Wine.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Wine.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-wine/ 2290-saxony-court-wine 0 0
(Image: birdhousemedia.ca )
256655 The sweeping basement all-purpose room. (Image: <a href="http://www.birdhousemedia.ca/" target="_blank">birdhousemedia.ca</a>) 2290 Saxony Court, Mississauga https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Basement-96x96.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Basement.jpg https://torontolife.com/wp-content/uploads/2014/01/2290-Saxony-Court-Basement.jpg 624 416 [] https://torontolife.com/real-estate/sale-of-the-week-mississauga-mansion-auction/slide/2290-saxony-court-basement/ 2290-saxony-court-basement 0 0
(Image: birdhousemedia.ca )
The nanny’s quarters …
Poor reporting by TOL (what else is new). Reader’s should know that the home was originally listed at 11M and the original auction started at 7M and there where no bidders. A 5.5M bid was the initial offer that got bumped to 6.2. So it actually sold for about 60% of asking.
Tacky.
I thought you could buy half Mississauga for 6M
Plenty of properties in sauga for prices like that. granted this one is totally not worth it. Hyped up bs.