Price for this luxury multi-million-dollar Coldstream home drops after auction called off

Once listed for $13 million, this Coldstream estate has been reduced in price to $9 million.
Once listed for $13 million, this Coldstream estate has been reduced in price to $9 million.
Image Credit: SUBMITTED/Richardjamesdeacon.com

A rare unreserved auction of a $13 million Coldstream estate was called off in July.

That was after the list price was dropped to about $9 million and the auction was postponed from mid-June to late July.

“They (sellers) chose not to move forward,” Richard Deacon, the listing agent with Kelowna-based Engel and Volkers Okanagan realtors, told iNFOnews.ca.

The auction was going to be conducted by Concierge Auctions out of New York so that part of the transaction was not handled by Deacon and he is bound by confidentiality agreements so cannot talk about why the seller called off the auction.

“What I understand, with unreserved auctions, the sellers are given a chance to be presented with the bids on the opening day of the auction,” Deacon said. “The seller holds the cards when it comes to unreserved auctions, at least with Concierge, to my understanding.”

Concierge did not return repeated calls from iNFOnews.ca.

The idea of an unreserved auction is that there is no bid too low to be accepted but, it appears, that only holds true once the auction has officially started. Before that, the sellers can pull out if it appears they won’t get the money they want from the sale or change their minds for some other reason.

The house is listed on Deacon’s site for $8,999,999. It has now been been for sale for about 2.5 years.

The house is on five acres at 133 Ravine Dr. in Coldstream, covers 16,000 square feet with five bedrooms, 10 bathrooms and can sit 45 people for dinner. It was a summer home for owners with roots in the United Kingdom.

READ MORE: iN VIDEO: $13M asking price on world class North Okanagan estate


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