|
An interesting illustration of knowing Rules well.
Listed at $45-million, mansion finds a
buyer
Canada's priciest house has recently changed hands
for $2.
When it was listed for sale in May, 2006, Edgemere
Estate on the "Gold Coast" of Oakville, had an eye-popping asking
price of $45-million, making it the most expensive residential property ever
listed in Canada.
Mr. Gilgan, as president and chief executive
officer of Mattamy Homes, is Ontario's largest home builder.
The house at 1502 Lakeshore Rd. East sits on the
shore of Lake Ontario in 14 acres. The house has nine bedrooms, 17
bathrooms, a spa and a 20-seat movie theatre.
The luxuries include an ornate foyer, formal
dining room and a massive kitchen.
Outside, the property has a baseball diamond, rock
waterfall, enclosed swimming pool and a gazebo. There's also a two-storey
guest cottage with a full kitchen.
Real estate agents say that people who do not want
to disclose the details of a real estate transaction can find a way to
arrange the sale and get around revealing the true purchase price.
One way to do so is to go to the government before
the closing date, present the terms of the deal and prepay the land transfer
tax. Then, at the closing date, the government registers the sale with a
nominal purchase price because the tax has already been paid.
- 2007 November 9 GLOBE
& MAIL
|
