Vancouver’s $55-million condo the biggest residential real estate deal in Canadian history

It’s an amazing price to pay for a condo in Vancouver, but it’s not your ordinary property.

It’s the most expensive condominium in Canada, sitting on the top floor in the Fairmont Pacific Rim hotel.

One buyer looking for luxury recently toured the top three floors and bought property on each one, striking the biggest residential real estate deal in Canadian history.

“They wanted the best of the best, and the Fairmont suited them,” says property manager Cameron Fazli. “It is 5-star, it is in a great location, amazing views, it is new, it is ultra luxury. It is exactly what they wanted, and that’s what they got.”

Cameron and Sasan Fazli won’t confirm or deny reports that their client is a prince from the Middle East, but do say the buyer paid $55 million in cash.

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In June, he bought a penthouse here for $25 million, the most expensive condo sale in Vancouver.

He has since added three sub-penthouses for a total of more than 15,000 square feet.

So far this year in Vancouver, 400 properties have sold for over three million dollars, but the deal at the Fairmont is in a league of its own.

“Rather than an investment, it’s a lifestyle decision,” says Cameron Muir with B.C. Real Estate Association. “So, they are purchased almost as recreation property by international wealthy set, if you will.”

Analysts say the sale could drive up the prices of nearby penthouse suites.

The Fazlis say their secret client was referred by a mentor they’ve worked with for years.

Their commission on the deal is still a mystery.

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