Sale of the Week: the $5.9-million home that proves mansions can be tough to sell

Sale of the Week: the $5.9-million home that proves mansions can be tough to sell


Address: 98 Old Colony Road
Neighbourhood: St. Andrew-Windfields
Agent: Mark Aliassa, Harvey Kalles Real Estate Ltd., Brokerage

The Property: This 14,000-square-foot home has its own gym and squash courts, home theatre, indoor pool and wine room. Its ornate design distinguishes it from neighbouring cookie-cutter mansions, and—Clue fans take note—it even has secret rooms and passageways that connect otherwise inaccessible parts of the house.

The History: The seller, a prominent figure in Canada’s tech industry, hired a developer to build the mansion in 2006. It replaced a bungalow erected on the site in the ’50s or ’60s.

The Fate: The buyers are a younger couple who were attracted to the property’s many amenities.

The Sale: The property was originally put on the market, last year, for $7.9 million. It dropped in price to $6.395 million in February. In August, a new selling agent priced it at $6 million and used what he describes as an “aggressive” mix of local and international marketing to lure buyers. Of three offers, two came from overseas, but the winner was a local. The agent represented both parties, resulting in a double-ended deal that made for a smoother sale.

By the Numbers:

• $5,900,000
• 14,000 square feet, approximately
• 98 per cent of list price
• 79 days on the market, this time around
• 8 years old
• 5 washrooms
• 2+2 bedrooms
• 3 attempts to sell
• 3 offers
• 3-car attached garage
• 2 price changes
• 0.75 acres