April 22, 2014 6:40 pm

Modern $9M Mississauga mansion expected to fetch just $5M at auction

Watch video above: A $5 million mansion is on the auction block in Mississauga. Laura Zilke reports. 

A Mississauga mansion could be yours this weekend for just $5 million.

The home was listed eight months ago for close to $9 million but it didn’t sell. Now the owner is looking to auction to sell the extravagant home.

The 9,000 square foot California style home will be auctioned off on Sunday.

Story continues below

Inside the house is a glaring example of modernity at its homiest best.   Wide open concepts – with high polished finishes, and smooth lacquered surfaces.  The kitchen alone has $250,000 worth of imported Italian custom built, Boffi cabinets. Add in the other high-end fixtures and appliances and the kitchen renovation cost over $300,000.

The owner listed the house about eight months ago but has decided now is the time to sell.

With this kind of sale auctions only need “one day, and it’s done,” Kashif Khan, the director of auctions at Ritchies said.  “They don’t want to sit and wait.”

Khan added that time is often “more important than money” for people in the luxury real estate market.

There will be an undisclosed reserve bid.  It is expected the home will fetch about five million of its estimated nine million dollar value.

The house represents a possible shift for sales in the luxury market. Realtor Sam McDadi says more people are looking to auctions to sell their houses quickly.

“It’s a trade off with time and money with the owners,” McDadi said. “They’re prepared to take less money, but just kind of finish with the project.”

He added that homes in this price range can often sit on the market for “upwards of two years.”

Report an error

Comments