iN VIDEO: North Okanagan mansion up for auction again at half the price
A 15,000 square foot mansion in Coldstream is going back on the auction block later this month at half the original asking price.
In June, 2021, a five-day auction period had been scheduled with a $13 million price on the home with five bedrooms, 10 bathrooms and room to sit 45 for dinner.
The price was later dropped to $9 million but the auction was called off due to COVID, according to a news release from Richard Deacon, a real estate advisor with Engel and Volkers Okanagan.
The auction has now been rescheduled for Aug. 24 to 31, with an asking price of $6.99 million with bids expected to start in the $3 to $4 million range.
The property has been appraised at $16 million.
“This will be an incredible deal for someone wanting to hold investment in a solid legacy property,” Deacon said in the release. “Replacement cost is $12 million and four years to build.”
The owner of the home at 133 Ravine Dr. has roots in the U.K. but lived there only part of the year to serve as a base for exploring the Okanagan in the summers, Deacon told iNFOnews.ca last year.
Deacon is working with Sotheby’s Concierge Auctions on the project. As part of their Key for Key program, a deal on this property will result in a new home built for a family in need.
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