Canada's priciest house has recently changed hands for $2.
When it was listed for sale in May, 2006, Edgemere Estate on the "Gold Coast" of Oakville, had an eye-popping asking price of $45-million, making it the most expensive residential property ever listed in Canada.
The property was listed with Elise Kalles of Harvey Kalles Real Estate Ltd. and Re/Max agent Christopher Invidiata.
Property records show Peter and Jennifer Gilgan sold the 32,000-square-foot house on Sept. 14 at the nominal price. The buyer is listed as Edgemere Estate Ltd. The person or persons behind that entity have not been revealed.
Mr. Gilgan, as president and chief executive officer of Mattamy Homes, is Ontario's largest home builder.
The house at 1502 Lakeshore Rd. East sits on the shore of Lake Ontario in 14 acres. The house has nine bedrooms, 17 bathrooms, a spa and a 20-seat movie theatre.
The luxuries include an ornate foyer, formal dining room and a massive kitchen.
Outside, the property has a baseball diamond, rock waterfall, enclosed swimming pool and a gazebo. There's also a two-storey guest cottage with a full kitchen.
Real estate agents say that people who do not want to disclose the details of a real estate transaction can find a way to arrange the sale and get around revealing the true purchase price.
One way to do so is to go to the government before the closing date, present the terms of the deal and prepay the land transfer tax. Then, at the closing date, the government registers the sale with a nominal purchase price because the tax has already been paid.
