$63-Million Seaside Segal Estate Sets New Record In Vancouver

Talk about bragging rights!

Amidst a residential real estate market that has developed a reputation for setting new records and quickly smashing them, a ritzy residence on Belmont Avenue has officially become the most expensive single-family home ever listed for sale in Greater Vancouver! It's $63M price tag is enough to surpass the previous title-holder, Lululemon founder Chip Wilson, whose neighbouring estate once sold for a cool $57M.

Having purchased the empty lot in 2009 for $7M, the owners oversaw the day-to-day construction of their new home themselves.

 

- Sotheby's

 

This palatial Point Grey pad is owned by Vancouver business titan, 92-year-old Joseph Segal, and his wife of almost 70 years, Rosalie. Encompassing 21,977 square feet of luxe living space, the classically-styled mansion sits on 1.3 acres of waterfront property, and boasts panoramic views of Spanish Banks, English Bay, downtown Vancouver, and the snow-capped North Shore mountains in the distance. And the Segals take none of it for granted! After all, Joseph Segal is (what his neighbours would call) 'new money', having built an entire department store empire from a single location.

 

- Sotheby's

 

Perhaps it was his modest upbringing that has inspired the self-made billionaire to become such a philanthropist; the couple has given generously to charities and deserving institutions ranging from the Variety Club and B.C. Children’s Hospital Foundation to the United Way and Simon Fraser University. Most notably, the Segals turned heads in 2010 with a $12M donation to the VGH and UBC Hospital Foundation to help establish a new 100-bed facility for mental health care.

Who would have thought that the 14-year-old who sold frozen seafood door-to-door on his bicycle would one day enjoy dinner beneath a chandelier that once belonged to Mussolini?!

 

Sitting room with marble fireplace and panoramic mountain views. - Sotheby's

 

The Georgian-inspired classic Bar features coffered ceilings and French walnut. - Sotheby's

 

The library sitting room with French walnut coffered ceilings and ocean views - Sotheby's

 

- Sotheby's

 

Jealous? After all their philanthropic work, we couldn't possibly begrudge the well-loved Segals their exquisite 5-bedroom, 12-bathroom estate. But we still secretly covet the expansive 6-car garage, the indulgent indoor swimming pool, theconvenient elevator, the sweeping grand staircase, the Versailles-inspired terraced gardens, and - most of all - the stunning views. Simply breathtaking!

Interestingly, the Segals are putting their home on the market at a time when Vancouver’s luxury real estate is experiencing “unprecedented uncertainty,” according to a report issued earlier this year by Sotheby’s International. Most likely due to B.C.’s 15 per cent foreign buyers tax, there's been a general slowdown in the market, and homes sales of $4M or more have suffered a precipitous decline in the past 6 months. But if it does sell, they stand to make a tidy profit, given that last year's assessment valued the estate at $40,341,000.

 

Here are some other residences that have caused a stir in Vacnouver's richest neighbourhodoood:

Take A Peek Inside A Contemporary $38.8M West Point Grey Vancouver Mansion

Ramshackle Teardown In Vancouver’s Point Grey Neighbourhood Offered For $2.4Million

Point Grey Mansion In Vancouver Sells For $51 Million

 

Posted by Steve Fudge, the purveyor of Houseporn.ca and the proprietor of Urbaneer, a division of Bosley Real Estate Ltd., Brokerage, in Toronto, Ontario

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