It’s decrepit, mouldy, and has been home to more than a few critters.But it’s symbolic of the strength of the housing market in Canada’s largest city, even as rising interest rates, higher debt levels and increased government intervention marked an uncertain year for the real estate industry. The new owners paid a cool $3.45 million for a shell of a house in a home outside Toronto’s downtown core.The 12,900-square-foot two-storey mansion in the Scarborough Bluffs neighbourhood had been abandoned for a decade, as reported by the Star. It has 13 rooms and seven washrooms. There is a separate garage that could potentially hold up to 16 cars, and sits on a plot of land with some historical significance. But it has never been lived in.The partially constructed home needs millions of dollars in work to be completed. Inside there is water damage and animals have been through the building over the years. Would be purchasers were advised by some agents to wear masks before entering.It was sold under receivership in June. But the sale was initially held up after lenders who held mortgages on the home intervened, saying the sale price was too low. The home was originally listed at $3.8 million.The estate, originally registered to Christine Drotos, was seized by creditors after a bankruptcy. The property was originally purchased for $1.95 million in 2006. In an earlier listing in April of 2009, the asking price was $5.5 million.Read more: This Scarborough mansion was just listed for $3.8 million. It’s been abandoned for years“That is really a bargain price,” said Royal LePage agent Normand Gautreau. “It’s hard to find a property that big overlooking Lake Ontario. It’s a massive piece of property and the views are spectacular. Gautreau estimates that the original owners put up-to $1.5 million to build the existing steel beamed shell structure before construction stopped.“It’s built like a giant Shoppers ...
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