One of the largest and most dramatically sited homes on Toronto Reservoir at the Chapin Estate is slated to be auctioned on Tues. Sept. 9th. The 11,000+ sq. ft., 6 bedroom home sits at the end of a peninsula jutting into the lake and is designed to encompass the spectacular views. I had the opportunity to visit this home a few years ago, and it is truly stunning. The current owner purchased the home in 2009 for $3.975M. (Annual property taxes are $60K+.)
While this is a 'no reserve' auction, it is not a distress sale. This summer, a smaller (7,600 sq. ft.) house at Chapin sold for $3.15M. So it will be interesting to see what this one goes for next week.
Auctions are not uncommon for unique, multi-million dollar properties, and have been used successfully to sell upper end homes around the country. The marketing from the auction company handling this, Heritage Auctions, has been excellent, and I expect they have a team that has been identifying potential buyers as well as real estate agents who may have interested clients.
This is not a show for the simply curious. Only registered bidders will be permitted to attend the auction, and to register, a bidder must provide a $150,000 financial guarantee. If you're interested, here's the link to the auction information.