Wednesday, January 15, 2014

$11M Mississauga mansion can be yours for half the price on the auction block

MISSISSAUGA - If you have an extra $5.5 million lying around, there is a real estate steal for you in Mississauga.

A 23-room mansion on Saxony Ct., along Multimillionaires’ Row, goes on the auction block later this month for half-off its market value price of $11 million.

The 18,000-square-foot, four-storey, seven-bedroom, nine-bathroom palatial home backs onto the Mississauga Golf and Country Club, which can be seen by the balconies in almost every room.

Dubbed the most expensive home in Mississauga, the new owner will live among local and international professional elites.

Billionaires from Pakistan and South Asia as well as a Saskatchewan businessman have eyed the property, said Kashif Khan, managing director of Ritchies Auctioneers.

“This is a five-star trophy property,” Khan said Wednesday. “Real estate deals like this come once in a blue moon. A lucky customer is going to get a great deal on a house, worth double than its list price.”

Potential buyers know the type of home they are looking at just by walking through the oversized front doors, said Michal Cerny, the CEO of Ambassador Fine Custom Homes, who has been living in the home.

The foyer entrance spans the first two-levels of the house, complete with floor to ceiling plaster mouldings created by a Hungarian sculptor, as well as hand-made church-size railings and iron rails for the spiral staircase.

“This is a showcase of what can be built when you are using the best,” said Cerny, who builds such high-end investment properties for clients from around the world — clients with whom he has strict confidentiality agreements. “(The auction) is an opportunity to show international clients what we can offer.”

The home will be sold to the highest bidder on Jan. 26 and bids will be accepted by proxy, in person or by phone.

It is hoped the bidding for the $11-million home will go as high as $7 million.

Almost $4 million of the mansion’s contents will also be auctioned off, including an 18-carat yellow diamond appraised at $1 million, a 21-carat sapphire valued at $500,000, and a Hermes Birkin crocodile handbag worth more than $80,000.
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