Did you hear about the $50-million dollar lottery ticket that was claimed this week in Vancouver, just days before the one-year expiry deadline?
Well, if that new multi-millionaire already had $1.8 million, they might have had the chance to scoop this 25,000 square foot Point Grey mansion in Vancouver.
Photo courtesy of The Vancouver Sun
This Point Grey Mansion on Drummond Drive is one of the priciest recent sales in Vancouver. Spread over three lots (one of which is perched facing the ocean) this luxury estate was originally owned by Don Mattrick (the CEO of social gaming firm Zynga), and his wife, a tech investor and telecom heiress.
With a $51.8-million dollar price tag, the Drummond Drive property falls just short of the most expensive mansion in West Vancouver, owned by Lululemon founder Chip Wilson, and worth a cool $57-million.
Photo courtesy of The Vancouver Sun
Photo courtesy of National Post
This Point Grey Estate features waterfalls, a grass tennis court, an expansive pool, a 10-car underground garage, a movie theatre, and a separate guest house.
Photo courtesy of National Post
In a discrete mid-December transaction the Point Grey signature residence sold to Mailin Chen, a businessman from mainland China. Chen owns a Vancouver-based company, Chunghwa Investment (Canada) Co. Ltd. Apparently this was not his first luxury purchase on Canada’s West Coast, but one of many recent sales paid for in funds tied to mainland China.
Of West Vancouver homes valued over $4-million dollars sold in February 2015, 75% were snapped up by Chinese buyers. Many attribute this spike in Chinese foreign investment to the falling Canadian dollar. After all, the US dollar – which is tied to the yuen – was up 18% over the past 18 months.
Photo courtesy of The Vancouver Sun
We admit it – we love sparkly things – and covet the life of the rich (as long as we’re not consumed with consumption at the expense of more important matters).
As far as palatial pads go, this one is definitely luxe!
You can read more about this monumental sale at one of these news sites:
Vancouver Sun (showcasing an exceptional video!)
~ Posted by Steve Fudge, purveyor of canadianrealestatehousingandhome.ca, and the proprietor of Toronto’s urbaneer.com
