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Mississauga mansion on block for half the price

April 22, 2014
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MISSISSAUGA – 

This Mississauga mansion — originally listed at $8 million — is not a property for just any local real estate website.

That’s why its owner, a Toronto businessman who sold a cosmetics company for millions, picked Ritchies Auctioneers to sell it to the highest bidder.

Bidding will kick off at $4 million this weekend, with a goal of selling the open-concept 2346 Doulton Dr. estate for around $5.5 million.

After buying the 9,000 square-foot, five-bedroom, six-bathroom home for just under $5 million years ago, the owner spent $2 million on renovations, including more than $300,000 on a custom Italian kitchen.

According to Ritchies managing director Kashif Khan, the property has already spent more than a year on the market.

The auction is meant to “close this chapter and move on,” even if the owner loses a bit of money, he said.

“We’d rather get it done than wait for big money which may never come,” Khan explained Monday.

The three-storey home sits on a one-and-a-half acre lot. It has arched ceilings and floor-to-ceiling windows offering a view of the Credit River, with a three-car garage, an indoor pool and gym, and even living space for a nanny.

Khan said its contemporary sleek design attracts a smaller pool of buyers.

The auction house wants to draw people with deep pockets from around the world, including countries like China, Russia, and Brazil, he said.

“You get people in China looking at this house in Mississauga for $8 million and they think it’s cheap.”

The street is similar to Toronto’s Bridle Path, Khan said, with a number of multimillion-dollar homes.

Neighbours include a tech millionaire, a developer, and a hotel owner.

An open house will take place Wednesday from 10 a.m. to 7 p.m.

Last time Ritchies auctioned off a similarly expensive property there were plenty of gawkers who filled the viewing, Khan said.

“We ended up turning away serious bidders,” he said.

The auction is scheduled for 2 p.m. on April 27 at Oakridge Public School, with bids accepted in-person and online.

“For people that are serious, they should come early,” Khan said.

Other items — collectively worth more than $3 million — to be auctioned include a 2010 Rolls Royce Ghost, a Faberge egg, and a rare Hermes Birkin bag valued at $22,000.

Article source: http://www.torontosun.com/2014/04/21/mississauga-mansion-on-block-for-half-the-price

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