NEWS
05/30/2011 12:39 EDT | Updated 07/31/2011 05:12 EDT

Canada's Most Expensive Condo, $28M Four Seasons Penthouse

(THE CANADIAN PRESS) -- TORONTO - A Toronto penthouse apartment has been sold for $28 million, setting a Canadian record.

The apartment occupies the top floor of a 55-storey residential building at Bay Street and Yorkville Avenue in one of Toronto's most posh shopping areas.

The penthouse apartment is part of a condominium development that will have a total of 210 private residences and a 253-room Four Seasons luxury hotel.

The identity of the buyer was not revealed.

The record-breaking property will be in the taller of two residential towers, which are currently under construction.

The apartment has about nine thousand square feet of living space and 12-foot high ceilings, as well as four corner terraces with a view of Toronto's skyline.

Included in the price is a separate residence for penthouse staff, in the shorter 26-storey tower of the came complex.

"As one of the largest developments of its kind in North America, our exciting new hotel and private residence in Toronto represents a wonderful affirmation of the strength of the Four Seasons brand in Canada and around the world," said Isadore Sharp, founder and chairman of Four Seasons Hotels and Resorts.

The hotel, which will occupy the first 20 floors of the taller tower, is scheduled to open in the summer of 2012.

The private residences range in size from 1,000 to 9,000 sq. ft. and cost at least $1.9 million each.