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$11M mansion sells for half-price at auction

January 27, 2014
By

Mississauga News

MISSISSAUGA — Saxony Manor, an $11 million mansion in Mississauga, sold for $6.2 million yesterday at a public auction.

The mansion, situated near Mississauga Rd. and the QEW, was built by Ambassador Fine Custom Homes proprietor Michal Cerny. It was on the market for three years until Cerny decided to sell it to the highest bidder.

Due to significant media exposure, the auction drew plenty of public attention. Many of the hundreds on hand yesterday were spectators — only a small percentage of the crowd registered as bidders. The big event caused local traffic issues and forced many to wait in line to catch a glimpse of the now famous house and other luxury items up for auction.

“It’s an historic day, because this is the first home auction in Mississauga, and one of a handful ever in Canada,” said realtor Sam McDadi prior to the start of bidding. “If this goes successfully, then this could be the model we utilize for high-end houses in the future.”

Ritchies Auctioneers took on the challenge of conducting Mississauga’s first-ever private home auction. Standing at a podium in the grand foyer, Ritchies managing director Kashif Khan asked for an opening bid of $7 million — the amount he said Cerny had spent building the palatial home.

The final selling price was, indeed, a steal of a deal. It cost $8.5 million to build the mansion in the first place and it features $700,000 in custom millwork and $200,000 in hardwood flooring. The property includes a heated driveway.

Problems have plagued the sale of the 18,000-sq.-ft. mansion that sits on a subdivided lot off Mississauga Rd. Originally listed at $11 million two years ago, according to McDadi, a buyer from the U.S. had agreed to purchase the property, but eventually had to bail out as a result of cross-border financing issues.

More recently, the sellers of the property were accused of digitally manipulating pictures of the home to make the property appear larger than it was.

The contents home were also for sale at the auction. Up for bids was a heart-shaped, 18-carat diamond ring worth $1 million. Also for sale was  a 1-kilogram bar of gold, worth more than $40,000 on the market. It went for just $35,500.

Watches and jewelry, art, Persian rugs, and a number of high-end handbags were also sold, most of the items for significantly less than their estimated value.


~ With files from Daniel Dale/Toronto Star



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