Vancouver pandemic party penthouse selling for much less than last sold

A downtown Vancouver penthouse thrust into the spotlight during the pandemic is now listed for much less than last sold.

During the COVID-19 pandemic, owner Mohammad Movassaghi became the subject of much public scrutiny for flouting public health orders and hosting parties in the penthouse suite, which is now up for grabs.

Some referred to the suite as a “makeshift nightclub.”

He was also banned from working in the investment industry.

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Despite the drop in value since the last sale, like most penthouses in the city, you won’t be able to purchase this home as an average-income earner.

In 2020, the home was sold for $2,959,000, much higher than the current asking price of $2,278,100, which was reduced from the previous asking price of $2,398,000 on May 1.

That’s even lower than the latest assessed value of $2,621,000.

Macdonald Realty

Listed by Macdonald Realty, the suite is located at 777 Richards Street. The penthouse features three bathrooms, two bedrooms, and 1,865 sq ft of space.

The penthouse suite spans the top three floors at the garden residences and boasts “breathtaking panoramic vistas.”

Macdonald Realty

Twelve-foot ceilings grace the living and dining areas, and the suite offers luxurious amenities like an outdoor pool, jacuzzi, sauna, steam room, fitness centres and a yoga studio.

Macdonald Realty

The suite is now eight years old. The value of this Vancouver penthouse peaked in 2018 when it was assessed at $3,504,000.

While there was a chance that Movassaghi could have had his property seized during the pandemic, the Land Title and Survey Authority of BC still lists him as the registered and self-employed owner.

Movassaghi was arrested in January 2021 and charged with several counts by the BC Prosecution Service. In April 2021, he was sentenced to one day in jail and 18 months probation for violating the Public Health Act and unlawfully possessing and distributing liquor.