Thirty-Five Million Dollars Worth of Brick Will Come Tumbling Down
This is Edgemere Estate, which sits on Lakeshore Road in east Oakville on 12.5 acres. It boasts 1000 feet of shoreline on Lake Ontario. When it was listed for sale in 2006 for $45. million, it was the highest priced private residence on the market in Canada. The property ended up selling for a reported $35.5 milllion. How many people, you wonder, are interested in spending that kind money for a single family residence, a half hour outside of Toronto?
No one apparently. The property was purchased by a developer who wants to demolish the Georgian style mansion. The home was built in 1994 by it's previous owner, a prominent home builder for his large family. It features 32,000 square feet and contains 9 bedrooms, 17 bathrooms, a 20 seat home theatre, and amazing views of Lake Ontario.
Plans for the property include 10, two and a half story manor homes each with up to 3 units with underground parking. The developer plans to retain the 100 year old outer buildings on the property, such as a Japanese tea house, a carriage house, stable, and boathouse.
There are over 200 trees on the lawns so each new home is to be strategically placed to offer lake views. Currently there is a golf course and a baseball diamond on the grounds. This project is not without contraversy. Currently the area boasts large, single family estates and neighbours are worried about traffic patterns, property devaluation, etc.
Zoning changes and building applications are still pending approval. The new units are priced from $2.7 million to $6.9 million and range in square footage from 2700 square feet to 5500 square feet. As a local REALTOR, I was invited to a presentation at the estate to see the plans for the new manor homes.
We were told at the presentation that 5 of the units have been sold already, some having been sold as second homes or guest homes. If all goes according to plan, the homes will be ready for occupancy in 2010.
As I toured Edgemere Estate, I was saddened to think that this huge, unbelievably finished mansion will someday be reduced to rubble. Another Oakville landmark gone. Hopefully the wrecking ball will not set in motion before much of this home can be re-used or recyled in some way. We'll see.