Oakville Homes

April 10, 2009

Edgemere – Mattamy Dream house gone

They say you can tell a lot about a man when you look at his house.  Certainly from how it is decorated, or at least the parts the wife lets you decorate.  But, when a builder puts up his own house, it must make a statement about that person, no matter who helped him design/build/decorate it.  I mean, the guy is a builder – his stamp must be made on his castle.

If you go to YourHome.ca you will see a news article by Tracy Hanes of the Toronto Star for Peter Gilgan’s mansion on the lake in Oakville, Ontario.  As president of one of the most successful building firms, you’d think this place would give off good vibes.  Well, originally listed for $45 milliion, yes, $45 MILLION, it ended up being flogged for around a paltry $35 Million I understand ( I stand to be corrected as the final figures I understand were a little fuzzy – creative bookkeeping or something 🙂  ).

It was 32,000 square feet of stunning beauty and the link will give you a very good description of all the goodies it had.  You’ll notice that I’m talking past tense.  Yes, for all of you who would like to try and get a good deal in this declining market, you’re too late.  Seems that this 15 year old house will no longer exist on the 5.7 hectares of prime Lake Ontario shoreline.  I guess the “Edgemere” estate wasn’t all it was cracked up to be. 

Planned to be demolished to make way for condos.  Imagine that, a $45 to $35 million DISPOSABLE house.  Just in the prime of its life and it is now just waiting to be a pile of rubble – awaiting some land developer to erect condos on its grave.

What I find hard to believe, even in this day and age, that a house of this stature could be considered demolition material.  Wait, it was owned by the Mattamy president.  Maybe it was built to the same exacting standards we are reading about in this blog.  God forbid but maybe Mr. Gilgan didn’t hire a house inspector to monitor the construction of his home and it has now been declared surplus.  Were there faults that just couldn’t be fixed.  I mean, there had to be some kind of problem there.  It had 17 bathrooms in the place.  Hell, if you need 17 bathrooms there has to be a problem.  Poor guys like us have to live with Depends, not extra bathrooms.

Maybe the house was electrically wired to the house next door like mine and the neighbours finally complained or, the insulation wasn’t above the garage and drove Mr. Gilgan out of the house (cold air can have an effect on the bladder).  Or the chinese drywall was emitting too much sulpher, he couldn’t get the holes in the floor fixed or, well, just about anything.

But who sells a $45 to $35 million house for demolition unless there is something more to it?

In the article they give one reason for it being torn down.

“Developer Marc Hewitt, who lives in the neighbourhood, didn’t want to see the estate with its tranquil park-like setting and beautiful gardens carved up into detached home lots, especially as it seemed no one wanted to buy Edgemere as a single-family home.”

So he will take it down and will build condos instead.  What I find interesting was that no one wanted to buy this luxurious house owned by the president of Mattamy Homes.  Why?  Maybe the cost of cleaning the 17 bathrooms was prohibitive to all except maybe Queen Elizabeth, who has experience with this problem in Windsor Castle.  Or, maybe it was the quality of construction.  Based on other Mattamy Homes, one wonders………

Have a Happy Easter everyone (for those that celebrate) And for those that don’t, have a good weekend.

Edgemere - Alas, no more

Edgemere - Alas, no more

 

 UPDATE: The comment given December 7th is appreciated as it does clarify why the house was sold (and maybe why the firesale).  The picture above was put into a Toronto Star article and yes, it is a picture of what the new condos might look like.  Below is a helicopter view of the Edgemere estate (click on to enlarge).

Edgemere Estate

 

and, to really clinch the view, here is a pic from Google earth…  I don’t believe Mr. Gilgan believed in the high density living here.  Maybe he should try one of his own high cost, high density places to see if he could survive the lifestyle.

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7 Comments »

  1. How much was that house going for
    douglas simons
    http://www.housesforsaleincaryillinois.com

    Comment by dougsimons — April 11, 2009 @ 4:01 pm | Reply

  2. It was originally listed at $45 million – largest listing in Canada…

    Comment by oakvillehomes — April 11, 2009 @ 8:21 pm | Reply

  3. Maybe you should look into the property taxes Peter was paying on Edgemere Estate. You will probably find that MPAC accessed his property around $21,000,000.00. Which I understand he fought tooth and nail. If you ever go to a hearing when it’s MPAC vs the poor tax payer MPAC doesn’t make mistakes. So who picked up the $14,000,000.00 shortfall – everyone else! I suppose delelopers are really having a tough time and they need the break.

    Comment by Anonymous — September 30, 2009 @ 1:51 pm | Reply

  4. Appreciate the comment.. you’re right about the taxpayer. The rest of us in more normal houses pay the MPAC piper and don’t get a break. Those living in the multi-million homes are all given a tax break by MPAC. Those large homes are given a different rating than the tract homes in subdivisions and are not judged on the same criteria. They get a break from the taxman – but then so did a lot of the billionaires who never paid their share. I’d name a few but they would probably get their lawyer’s after me but, it has been reported in the paper and Mulroney wasn’t the only one who got off the hook.

    Comment by LN — October 4, 2009 @ 11:56 pm | Reply

  5. The house in the picture is not the real Edgemere estate. They sold the place for 32.9 million I believe. The reason for selling the place was because of a divorce between mr. gilgan and his wife. The wife received the home and decided to downgrade. The house was also costing about 1 mil per year to operate so that was another reason for a hastier sell.

    Comment by Anonymous — December 7, 2009 @ 4:35 am | Reply

  6. See update on blog re Anonymous information… appreciated…

    Comment by oakvillehomes — December 10, 2009 @ 12:30 am | Reply

  7. The real Edgemere estate looks quite different from the visualization on this web site. However it is beautiful estate. I would love to see some pictures of the interior design of this house. It must look like in palace in there. Does any of you by any chance know if they can be found?

    Comment by Elli Davis — July 15, 2010 @ 8:28 pm | Reply


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