Sale of a Mansion Sets a Record (June 23, 2001)
A Mississauga home has sold for $2,855,000, making it the most expensive residence ever sold in the city, The Star has learned.
An offer was made on the property last week, but the price was not disclosed.
The home, at 2428 Doulton Place, is one of the largest in the city at 17,000 square feet. It sits on a 1.1-acre lot backing onto the Credit River. "It's a palatial home in every sense, with an indoor pool to die for,'' said ReMax agent Mike Donia, who sold the home.
Mississauga, perhaps better known for suburban cookie-cutter houses than upscale neighbourhoods, is attracting CEO's who work in the area and don't want to commute from the Bridle Path, says Donia.
But apparently it wasn't the terraced Japanese-style gardens, the two-story custom designed rock waterfall with goldfish pond, the view overlooking the Credit River, or the stone patio for spectators watching a match on the outdoor tennis court that got the buyer's attention.
It was the 10-car parking garage.
"The buyer was a real car connoisseur and he loved the fact that the house had an underground garage with six spots and four more up top,'' said Donia.
The buyer is an Oakville businessman who wishes to remain anonymous. He has a car collection that includes two new Ferrari 360 Modenas and motorcycles. Agent Donia had originally offered to throw his own Bentley and Ferrari into the deal if the house went for full list price. "He had his own toys, he didn't need mine,'' said Donia.
The vendors are a retired couple who used to own a travel business and want to downsize their home.
The home has been on the market for almost two years. The owners were originally asking $3,695,000, then dropped the price to $3,195,000.
It has seven bedrooms, 10 bathrooms, nine fireplaces and three kitchens. It also has a separate 1,700-square-foot guest suite ', `in case the in-laws drop by,'' said Donia. There is also a coach house for staff.

This week has been a doubleheader for Donia. Earlier this week he closed a deal at 1143 Mississauga Rd., which he sold for $2,225,000.
For one day, that sale held the record for most expensive home sold in Mississauga - until he sold the Doulton Pl. property. The Mississauga Rd. property was originally listed for $2.6 million.
The Mississauga Rd. property was custom built in 1991 and has more than 11,000 square feet of living space.
Its backyard features 200 feet of Credit River frontage, with a private drive to the lake and a 13-metre boat dock.
The six-bedroom home has five fireplaces and an indoor pool and spa area. The lower level recreation area has a climate-controlled Koi fish pond as a centrepiece.
The Doulton Pl. home sale is the largest ever recorded on the MLS.
This week's sales eclipse the prior record-breaking sale of $2.2 million in 1997 for a 15,000-square-foot home at 2901 Mississauga Rd., known to local residents as the white house.
The most expensive home sold last year was in Toronto's Bridle Path at $7.5 million.
In comparison, Donia argues the Doulton Pl. home is a "bargain.''
"The lot would cost you $1.5 million, and the landscaping alone is at least $500,000,'' he said.
The agent said the upper-end market has been rocky over the last few months because of the ailing stock markets, but some buyers are making the commitment to buy now because property prices seem to have solidified.
Mississauga is also attractive because operating costs are cheaper.
A similarly sized home in the Bridle Path would cost about $58,000 a year in taxes alone said Donia, compared with $22,000 a year for the Doulton Pl. home.