Sold! Lawrence Park mansion sells for $1 million under asking

For a dose of lifestyles of the rich and famous, this recent home sale offers a peek into a Lawrence Park mansion that was snagged for $11.6 million. It's big, luxurious, and completely over the top when you consider what a normal family requires for housing. 

The pictures tell the story here. From a guest suite complete with a separate kitchen to a soaring libary to a playroom outfitted as an indoor hockey rink, this house shows off the tastes of people with a ton of cash. It doesn't have an indoor swimming pool, but the rest of the big spender checklist is covered.

Needless to say, it's not the easiest task to sell homes in this category. They tend to stay on the market for a while before an offer is made that the seller can live with. So it's not really surprising to see this one go for more than $1 million under asking.

That's still a big pay out, particularly considering the state of the Toronto real estate market.

The Essentials

• Address: 113 Mildenhall Rd.
• Type: Detached house
• Bedrooms: 6
• Bathrooms: 7
• Lot size: 101.5 x 459.13 feet
• Hit the market at: $12.8 million
• Time on market: 90+ days
• Sold for: $11,632,000 

Why it sold for what it did

Well, this one is kind of obvious. It's a massive ravine lot with almost every luxury amenity you could think of in Wanless Park, which is basically across a ravine from the Bridle Path. Of course it went for $10 million plus.

Was it worth it?

While almost $1.2 under asking sounds like a lot, when you're dealing with sales of this amount, it's not quite as noteworthy — based on both the percentage of the listing price and the variability of luxury sales in general. I'd say both the buyer and seller were probably satisfied on this one. 

by Derek Flack via blogTO