TORONTO -- An Alberta mansion styled after a French chateau that was listed five years ago for $20 million has been sold for a quarter of the asking price after years on the market.
The sprawling Springbank property, which includes its own movie theatre, six fireplaces and a half-length basketball court, sold for $5.88 million after going up for auction last month.
While Alberta’s luxury real estate market has struggled amid COVID-19 and earlier challenges with the oil industry, Calgary-based real estate agent Justin Havre says the sales price was not a discount, but actually market value.
“It's very common for a seller to believe their home is worth more than a buyer is willing to pay,” Havre told CTVNews.ca.
The four-floor mansion was built on a 2.6-acre lot originally purchased for $625,000. The expansive home was then built to include a six-car garage, a 1,200-square-foot master suite and a wide view of the Rocky Mountains.
The owners also spent $2.5 million in furnishings, but those were not included in the sale.
The property, named Terre Blanche, was originally listed for $20 million in 2015 and relisted for $15 million in 2017. Earlier this year, it was relisted again for $9.83. With no takers, the sellers ultimately decided to put the home up for auction.
Havre said he’s not surprised by the final sales price because many buyers in Alberta’s luxury market are looking for “opportunities.”
“It might be a tough pill to swallow for the seller because they may have been more emotionally attached and they may be in a position where they’re losing money on it, which is never a fun position to be in,” he said.
The new owners have not been publicly identified.
