Unreserved mansion auction returns, list price $6 million lower

Mansion auction is back

On paper, it looks like the deal of the century.

A Coldstream mansion with panoramic valley views that had been due to go up for auction in 2021, just before the COVID pandemic shut down life in B.C., is back on the auction block.

The property had previously been listed for as much as $16 million and was last listed at $12.9 million.

Now, in an auction set to begin in three weeks, it is listed at $6,999,999 with no reserve.

While still out of reach of the vast majority of Okanagan residents, the new list price represents a savings of $6 million from its last listing.

But of course, bids are expected to go higher.

Listing agent Richard Deacon of Engel & Volkers says opening bids are expected in the $3 million to $4 million range.

Viewings and bidding registration is on now, and the auction will run from Aug 24 to 31.

"This will be an incredible deal for someone wanting to hold investment in a solid legacy property. Replacement cost is $12 million and four years to build," says Deacon.

The property is a stunning 15,000-square-foot, private five-acre estate in Coldstream.

The Ravine Drive mansion features double-height windows, sweeping valley and lake views, Swarovski crystal fixtures, and rare handcrafted antique palace doors from India.

It has five bedrooms and 10 bathrooms.

The auction is being run via via Sotheby's Concierge Auctions.

"Perhaps the most impressive part about this beautifully secluded estate is that it is set up with all of the smart technology necessary to remotely monitor and control the home from anywhere in the world," says Deacon.

The home is available for showings daily from 1 p.m. to 4 p.m., by appointment.

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