Would you buy this $11 million mansion? What if it was going for half price?
That's the situation with 2290 Saxony Court in the Toronto suburb of Mississauga. The massive 23-room, 18,000 sq. ft. home is going on the auction block January 26 at a starting price of around $4 million. Ritchies, the auction company behind the sale, is hoping to get around $6 million. The original asking price was $11 million.
Story continues below slideshow
2290 Saxony Court
The home was built and is owned by Michael Cerny. He's turning to auction after the house failed to sell during its three years on MLS, according to The Toronto Star. He now expects to lose more than $1 million on the home.
The reason? Kashif Khan, managing director of Ritchies, told The Star that home should have been built in a ritzy neighbourhood in downtown Toronto.
"It is so high end and so perfect that’s it’s beyond what Mississauga is used to," he said.
And the house isn't the only thing for sale. Another $4 million of items from inside the home, from diamond and sapphire jewelry to exclusive watches from Patek Phillipe and Rolex, will also be auctioned.
While Cerny certainly isn't happy about losing money, he told the Toronto Sun the home has served as a showcase for what his company, Ambassador Fine Custom Homes, is capable of.
"This is a showcase of what can be built when you are using the best,": said Cerny, "[This] is an opportunity to show international clients what we can offer."