An East Kelowna home was auctioned off without reserve Oct. 5, 2017 and sold for $2.998 million - less than half of what it was previously listed at.
Image Credit: platinumluxuryauctions.com
October 10, 2017 - 2:41 PM
KELOWNA – The Kelowna businessman who bought an East Kelowna mansion and orchard at auction last week says he was prepared to pay another half million.
Joe Valoroso, owner of Valoroso Foods, a deli and Italian Food importer, has lived in Kelowna since 1992. He bought the East Kelowna property and 9,000 square-foot home at a Platinum Auction Oct. 5.
It has previously been listed for $6.5 million, but sold for slightly more than its assessed value - $3.3 million, after auction premiums. Valoroso says he was prepared to pay another $500,000.
“If you’re going to invest in land and luxury homes you’re going to be attracted to this marvelous place we live in,” he says. “Kelowna has everything that a big city has.”
Valoroso says he plans to keep the orchard, but hasn’t ruled out converting the 13.5 acres of apples to either grapes or cherries. He’s also looking to purchase another 14-acre parcel of land nearby.
“You can grow anything here,” he says. “That’s the beauty of living in the Okanagan.”
The home includes a view of Okanagan Lake, guest quarters, five bedrooms and five bathrooms, according to the Platinum Luxury Auctions website.
It also comes with a horse paddock, jacuzzi, wine cellar and chef's kitchen.
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