BUSINESS

Mississauga Mansion Auctioned For $6.2M, After Being Listed For $11M

01/27/2014 12:23 EST | Updated 01/27/2014 12:59 EST
Ritchies

A Toronto-area mansion that was once listed on sale for $11 million sold at auction for $6.2 million this past weekend — but not before some of the bidders got slapped with parking tickets.

The Toronto Star suggests that’s just the way it is with rich folks: They’re not particularly worried about $30 tickets for parking too far from the curb.

The auction took place at 2290 Saxony Court in Mississauga, site of the 23-room, 18,000-square-foot, four-story home being auctioned off by Ritchies.

The mansion’s owner, Ambassador Fine Homes founder Michael Cerny, had listed the house some three years ago for $11 million, but it didn’t sell. So he decided to take it to auction in the hopes of getting some $6 million for it.

Ritchies managing director Kashif Khan described the house as a “palace” that is “supposed to be here for a thousand years,” the Star reports.

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2290 Saxony Court

So why did it not sell? Neighbours and bidders say the house was too expensive for the neighbourhood, and too large for the lot, leaving it will too little yard space.

Putting the house on auction was a way to attract international attention to a house.

"We have tried the MLS system,” Re/Max realtor Angela Cerny said, as quoted by CTV News. "(We) don't find it as effective when you are focusing on the global market.”

The auction came in for some controversy when realtors and would-be auction bidders accused the sellers of photoshopping a key image of the property to make the driveway look longer.

Ritchies’ Khan argued “cleaning up” photos is standard practice, and no one should buy a property off a picture.

The auction house is keeping the buyer’s identity confidential.