This Coldstream house sold for $10 million below original asking price
A house heading to auction with a list price of $13 million last year ended up being sold for about one-quarter that amount.
The 15,000 square foot mansion at 133 Ravine Court has five bedrooms, 10 bathrooms and can sit 45 for dinner.
The original plan was to put it up for auction for $13 million in June of 2021. That was dropped to $9 million but the auction was called off because of COVID.
Another unreserved auction was conducted in August of this year with a $6.6 million asking price. Listing agent Richard Deacon, with Engel and Volkers Okanagan, told iNFOnews.ca at the time that he expected bids to start in the $3-$4 million range.
READ MORE: iN VIDEO: North Okanagan mansion up for auction again at half the price
B.C. Assessment has now posted that the house sold for $3.45 million as of Sept. 9.
That’s about half the assessed value listed by B.C. Assessment at $6.6 million as of July 2021.
“This will be an incredible deal for someone wanting to hold investment in a solid legacy property,” Deacon said in an August news release. “Replacement cost is $12 million and four years to build.”
— This story was updated at 10 a.m. Wednesday, Dec. 7, 2022, to correct a mathematical error.
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