$11M Mississauga mansion being auctioned off

$11M Mississauga mansion being auctioned off Jarek Bucholc Hot

Written by Jarek Bucholc     January 18, 2014    
 
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An 18,000-square-foot mansion in Mississauga is being auctioned off by Ritchies later this month.

The four-storey Saxony Manor, which was originally listed for $11 million, is expected to start with a starting bid of $5.5 million, the auctioneer says.

“It is built like a palace,” Ritchies managing director Kashif Khan said. “It’s built to last a thousand years.”

“In order to understand you have to see it.”

French chateau-inspired, the 23-room residence with 10 parking spaces sits on a premium lot at 2290 Saxony Ct. adjacent to a ravine and the Credit Valley Golf and Country Club.

It boasts mahogany doors from Honduras, Crema Marfil marble tiles from Spain, coffered ceilings and a floor-to-ceiling, hand-carved marble fireplace mantle.

Both Ritchies and listing agent Sam McDadi said the home is owned by the builder, Ambassador Fine Custom Homes Inc., to showcase what the company can offer. Khan said Ambassador has since built three similar homes in the $5-10 million range and is completing a fourth one.

This isn’t the first time mansions have been sold by auction.

In November, a Bridle Path estate at 40 Park Lane Circle, which was first listed for $23 million, went up for bids. Concierge Auctions’ managing director Laura Brady said that there was a winning bid but she declined to provide the closing price as the deal wasn’t expected to close until Feb. 14.

In addition to the home, designer handbags, jewelry, fine art and rugs will also be auctioned off.

The auction is scheduled to begin at 2 p.m. on Jan. 26.

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