Multi-million dollar mansion to be auctioned this Sunday

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Mississauga, January 29 (CINEWS): So the question on everyone’s mind is how over-priced is the GTA’s housing market. A clue comes in the recently publicized high-profile auction of a multi-million dollar home on Mississauga road which is the province of the rich, famous and recently arrived noveau riche this Sunday.
The property at 1945 Mississauga Road is a 10,000-square-foot monster home valued at an estimated $4.9 million, bidding is expected to start at less than $3 million. Depending on interest in the item, the house could potentially go for about half its value.
The 10,000 sq.-ft. home became available after its owner could no longer make the monthly mortgage payments.
Noted realtor Sam McDadi is of the opinion that end market surprisingly has seen a resurgence in the later part of 2015 and the early part of 2016 despite all that is going on with the economy. “ The Mississauga road mansion will be auctioned this Sunday. It was previously appraised at 4.9M and will represent an excellent opportunity for the right buyer. It backs onto the Mississauga golf and country club and is situated on a 185 ft wide lot. It represent great value and the end buyer will end up buying this home well below market pricing.” he said in an interview with Can-India.
Back in January 2014, Ritchies auctioned off a custom-built 18,000-square-foot house on nearby Saxony Court, originally priced at $11 million, for $6.2 million.
Auctioneers like Ritchies managing director Kashif Khan expect that with such turbulence and unstable financial markets worldwide, there could well be a spurt in the number of home owners who want to unload their assets and cut their losses.
For those who’ve been eyeing a luxury property in an exclusive and wealthy part of the city, this could be a chance to own a property at a more realistic price point. This home has plenty of bells and whistles, in all there are five bedrooms with en suite bathrooms, while the master bedroom has a separate area with a fireplace.
There are two kitchens, one on the main floor and the other in the finished basement. Perfect for anyone who wants to rent out the basement to someone seeking an exclusive calling card.
Besides the home being auctioned off, there are a bunch of other items that may be of interest. Among said items is $2 million worth of diamonds, including a four-carat VS quality diamond, a number of luxury watches as well as a $180,000 Audemars Piguet and a Rolls Royce Phantom that sells for about $700,000 new.
There will be a public viewing on Sunday from 11 a.m. to 2 p.m. with the auction commencing at 2 p.m.

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