The so-called Belmont Estate overlooking Spanish Banks Beach in Vancouver’s Point Grey neighbourhood has been sold for a new historic Metro Vancouver record price for a single-family home on a single lot.
The 1992-built, three-level property at 4743 Belmont Avenue has 22,000 sq ft of indoor living space on a 1.3-acre lot, with views of not only the beach below, but Burrard Inlet, Strait of Georgia, the downtown Vancouver skyline, and the mountains.
- See also:
The mansion was sold by Sotheby’s International Realty Canada, which was unable to disclose the sale price. This was a private sale, not listed on the MLS system.
However, the luxury real estate agency was able to disclose the property was listed for $58 million, and based on MLS, the previous record price for a single-family home on a single lot was $31.1 million in 2016.
Records show the house was previously sold for $2.15 million in 1990, and $7.115 million in 2009.
For BC Assessment’s July 2020 roll, this was the sixth highest assessed residential property in the province, with an assessed value of $33.8 million, including $25 million for the land and $8.8 million for the structures. The annual property tax bill for the property in 2021 is $221,000.
The sale of the upscale property follows a four-year slowdown in luxury home sales in BC, following government interventions to curb real estate activity by foreign investors, speculation, and vacancies, as well as the initial market slowdown last year due to the pandemic.
But the luxury sub-market, like the rest of the market, has shifted dramatically over the past half year, with residential sales of over $4 million and $10 million surging by 152% and 300% year-over-year, respectively. The Belmont Estate is amongst those properties.
“The Vancouver market has seen unprecedented demand for conventional and luxury single-family residences this spring, and this unprecedented sale is reflective of the heightened activity we are seeing across the region as a result,” said Kevin O’Toole, managing broker with Sotheby’s International Realty Canada in Greater Vancouver, in a statement.
According to Sotheby’s, the property is an entertainer’s home, opening from a private Porte-Cochere entry into two main gallery halls with seating for up to 100 guests for private concerts and events. The dining room has room for a table that seats 20 guests.
A grand staircase is lit by a historic Italian Ormulu chandelier, and the living room features a fireplace, one of many throughout the home, and custom carpeting throughout.
All doors are made of high-quality solid wood, and the walls and ceilings feature murals and artwork.
There are five bedrooms, 12 bathrooms, an elevator, an Italian-inspired kitchen with sitting area and fireplace, indoor swimming pool and sauna, six-car garage, and a private entrance for a guest suite.
The tiered, three-level garden, lined with mature sequoia trees, golden spruce, maple, and other varieties, is said to be inspired by the Palace of Versailles in Paris. There is also a hobby orchard with 12,000 tulips, hyacinths, and daffodils, plus rhododendrons, magnolias, and lilacs.