Former Barrick Gold director sells his Rosedale condo for $3.85 million

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Published on: April 28, 2016

(Image: Google Street View)

Howard Beck, a Barrick Gold director since 1984, who left the company amid a leadership shakeup in 2014, seems to have put some of that mining money to good use. He just sold one of the luxest condos in Rosedale. The 3,900-square-foot unit, with an additional 1,800 square feet on the lower level, occupies the entire main floor of a converted mansion at the corner of Chestnut Park Road and Roxborough Street East. It’s one of only three suites in the building. (There’s a fourth unit in a separate coach house, which we featured earlier this week.) It has three bedrooms, four bathrooms, a large kitchen and a library. The maintenance fees alone are almost $2,500—which, relative to the size of the space, is actually pretty reasonable.

The property was listed in February for $4,500,000—a steep price for a one-third share in a house. But this is Rosedale, so the place did find a buyer. On Friday, it went for $3,850,000, or $650,000 under asking.

It’s not unusual for condos of this stature to struggle on the market. According to a recent Sotheby’s Canada report, there were only 34 Toronto condo sales in the $3-to-$4-million price range in the last six months of 2015. Only a quarter of those went for over list price.

Although the Becks didn’t get the amount they were looking for, they may have managed to turn a profit: in 2011, their purchase price was $3.6 million.

Article source: http://torontolife.com/real-estate/condos/former-barrick-gold-director-sells-his-rosedale-condo-for-3-85-million/

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