Joe Segal tests Canadian property market with $63 million listing

Well-known philanthropists Joe and Rosalie Segal are often in the media for their amazing generosity to an array of different causes and charities. However, more recently they have caught Canadian media headlines with a listing of their Point Grey mansion for a record $63 million. It seems as though they have decided it is time to move on and a $63 million sale would beat the current record for Metro Vancouver.

Joe Segal and a property like no other

The property is being sold by Sotheby’s International Realty Canada although the exact address of the mansion has not been revealed. However official records show Joe Segal and Rosalie Segal own a property at 4743 Belmont which was recently assessed by British Columbia Assessment at $40.3 million. While there is a significant difference between the official assessment and the current asking price it all goes down to supply and demand. Quite simply, there is no other property in Canada quite like this!

Prime Vancouver property

The property itself is located on a 1.28 acre lot which has a gentle slope giving the development its own specific character. The Belmont Estate boasts 21,977 ft.² of floor space with ocean views above Spanish Banks not to mention gallery halls which can seat 100 guests for private events. When you also take into account the sweeping chandelier which hugs the grand staircase this really is luxury at its best.

Even the surrounding land gets an expensive makeover with a three-level garden which is lined with an array of trees and 12,000 blooming flowers including the likes of tulips and hyacinths. We can only imagine what this must look like come the summer time when the sun is beating down, the flowers are in full bloom and the immaculately manicured garden comes into its own. This property really is like a stately home, with expensive furniture, history and character and many of the rooms are decorated like something out of an old world movie.

Indoor swimming pool

The indoor swimming pool is like nothing else you will ever see with natural light aplenty and an array of places to relax around the pool. It looks more like an Egyptian palace as opposed to a simple indoor swimming pool but this is the reward for self-made success – just ask Joe Segal!

Canadian property market

There have been some concerns recently regarding a lack of demand for property towards the higher end of the Canadian property market in light of the recent 15% tax on foreign investment. This was used by the Canadian authorities to target overseas investors acquiring Canadian real estate amid concerns they were pushing prices to levels which were unsustainable and out of the reach of first-time buyers. However, it has to be said that this particular mansion is in a world of its own, money no problem league and is unlikely to be overly impacted by the new tax.

At a time when Canadian investment in area such as New York is growing rapidly it is somewhat ironic that the Canadian authorities are crying wolf over foreign investors acquiring Canadian real estate. Surely what is good for the goose is good for the gander?

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