529 Swanwick Rd., Victoria
Asking price: $14.1 million
Selling price: $12 million
Previous selling price: $4,984,000 (2012)
Days on market: On and off since 2018
Listing agent: Logan Wilson, Sotheby’s International Realty Canada
“It has to be shrouded in mystery, I’m afraid,” listing agent Logan Wilson said. “That’s a privacy request from the buyer and the seller.”
The seller, Raoul Malak, is a hotelier and owner of Westin Bear Mountain Golf Resort. He purchased the house – including furnishings – in 2012 for about $5-million, according to a year-old media report. He had previously listed the property for $12.9-million.
Mr. Wilson received a total of five offers, and substantial global interest, he says. Most of the attention comes from the United States as wealthy people from California are looking to escape the intense heat and water shortages, he adds.
“I think with the heat wave happening down there and drought, that kind of stuff, these areas look better. Many buyers are relocating out of California. There’s been lots of international interest throughout COVID.”
What they got
The six-bedroom, seven-bathroom house is 10,700 square feet in size and sits on a 67-acre oceanfront property outside Victoria, in the agricultural Metchosin area.
The award-winning house, designed by Marco Simcic, was built in 2006.
There is a hydrothermal seawater pool that separates the four-bedroom guesthouse from the main building, which has hardwood floors, travertine walls and etched glass exterior walls.
The gated property has room for 15 cars, a caretaker’s residence, a garage with hydraulic lift, tennis court, covered swimming pool and private beach. There is also a connected boathouse with mechanical tramway to launch a boat with the press of a button.
The agent’s take
The sale set a record for Vancouver Island, even though the setting is an unlikely place for an estate.
Luxury sales are brisk and they’re running low on listings, Mr. Wilson says. Considering that the house cost more than $20-million to build, it was good value, he adds.
“If you look at Sydney or a similar market, that would be an $85-million home. For a globetrotter, it’s significant value.”
Your house is your most valuable asset. We have a weekly Real Estate newsletter to help you stay on top of news on the housing market, mortgages, the latest closings and more. Sign up today.