Sotheby’s International Realty Canada
4380 Wallace Hill Road, Kelowna, B.C.
Asking price: $4,890,000 (Jan. 3)
Selling price: $5,107,000 (Feb. 19)
Days on the market: 47
Taxes: $20,385 (2023)
Listing agent: Nicole Eastman and Paul Hague, Sotheby’s International Realty Canada
The action
Built in 2013, the luxury house has 8,500 square feet of living space.Sotheby’s International Realty Canada
The owners, former member of parliament Blair Wilson and his wife, had listed the home for $6.8-million and then cancelled the listing. The property, home to Mr. Wilson’s Forbidden Spirits Distillery Co., went into foreclosure and the lender took over the sale to recover mortgage debt. Listing agents Nicole Eastman and Paul Hague represented the lender on the court-action sale and listed it at $4.89-million, based on an “as-is” appraisal.
There was some deferred maintenance on the orchard and the outbuildings, said Ms. Eastman. But there was a lot of interest and some lowball offers.
“Within five minutes of listing the property we were getting phone calls. It was crazy,” she said. “I think we had over 50 agents or individuals talking to us … and we did receive a couple of offers, but they were all way too low. Some people see ‘foreclosure’ and see an opportunity to do a deal. They don’t really understand how the foreclosure works in Canada, and that the judge will not approve an offer necessarily if it’s too low.”
On the bid date, they received seven offers and took one into court, and then a higher competing bid came in that the judge approved. The property sold on condition of vacant possession.
“It was great, because we sold it for over asking, at the top end of the value range from the appraisal.”
What they got
The house is contemporary, with exposed wood features, ultra-high ceilings and polished concrete floors.Sotheby’s International Realty Canada
The 20-acre country estate in Kelowna has several accessory buildings and revenue generation potential as an agribusiness, with a distillery, an orchard, 10-stall RV park and equestrian facilities.
Built in 2013, the 8,500-square-foot luxury house has seven bedrooms, eight bathrooms, a separate suite, saltwater pool, fire pit, large room, gym and outdoor patio. The house is contemporary, with exposed wood features, ultra-high ceilings and polished concrete floors.
The agent’s take
Outside, there is a saltwater pool and a fire pit.Sotheby’s International Realty Canada
Mr. and Ms. Wilson had been living in the suite while the house was on the market, so that the staged house could remain pristine during showings.
Ms. Eastman said it was easy to show, and the owners were very co-operative with the sale.
“It’s in the owner’s best interests to co-operate with the realtor and the lender because, as a realtor, you’re put in this position where the lender is your client, but the homeowner still stands to gain the most from me selling it for the highest price.”
The sale completed in early March.