Tue. Sep 26th, 2023
    A Luxurious Mansion in Oak Bay Finally Sells for $7.5 Million

    After being on the market for 14 years, a luxurious mansion in Oak Bay, Victoria has finally been sold for $7.5 million. Known as Muir Haven, this property boasts 14,430 square feet of living space and sits on nearly an acre of land with private beach access. Built in 2002, the house features wood finishes, dark interiors, and granite countertops. However, the size of the property posed a challenge for potential buyers.

    The listing agent, Scott Piercy, mentioned that the mansion resembled a mini Four Seasons Hotel, and its size was a common complaint among interested buyers. Piercy and James LeBlanc took over the listing in 2022 and lowered the price twice before receiving a single offer from a buyer in Vancouver. The sale was completed on August 21.

    The mansion includes a grand staircase, five fireplaces, three kitchens, five bedrooms, ten bathrooms, a billiards room, cinema, gym, wine cellar, sauna, and a dressing room. It also features an elevator that connects the three levels. The land alone is estimated to be worth around $5.5 million, and the concrete structure is built with geothermal heating, which helps reduce utility bills to approximately $3,000 per month.

    Victoria has only seen 23 sales of over $4 million in the past two years, making this mansion a standout transaction. Although it took 14 years to sell, the timing was opportune given the recent slowdown in the real estate market. The new owner recognized the value of the square footage and made an informed decision to acquire the property.

    Overall, the sale of this mansion in Victoria highlights the unique challenges of selling a property of such magnitude and luxury. The final selling price of $7.5 million represents a significant decrease from previous listing prices, illustrating the importance of finding the right buyer who appreciates the unique features and potential of this exceptional property.

    – Engel & Völkers Victoria