Luxury Mansion Auction Offers Buyers Rare Deal in a Booming Market

$4.9 Million Mississauga Road home could go for half its value

MEDIA PREVIEW TOMORROW - Tuesday Jan 26th, noon – 2pm

TORONTO, Jan. 25, 2016 /CNW/ - Record home prices are being seen across the Greater Toronto Area in a market that seems to be getting hotter by the year. Many people feel priced out of all segments of the market; even higher net worth investors. On Sunday January 31st, Ritchies is offering a unique 10,000 square foot estate in the prestigious Mississauga Road area after its owner was unable to meet monthly mortgage payments. Bidding is expected to start under $3 million.

"Opportunities like this are rare, but with unstable financial markets and other uncertainties such as falling oil prices, we could see more home owners seeking auctions to sell off assets," said Kashif Khan, Managing Director of Ritchies.

The premium lot estate features five spacious bedrooms with ensuite washrooms, while the master bedroom has a separate area with a stunning fireplace. A gourmet kitchen features granite countertops and top of the line appliances. The sprawling space also includes a massive recreational room, second kitchen in the finished basement, a steam room and a sauna, and a backyard in-ground pool overlooking the Mississauga Golf and Country Club.

"The mansion is in a highly sought after area of Mississauga," said Sam McDadi, realtor and owner of Sam McDadi Real Estate Inc., Brokerage. "It's a dream home that is now available at what I'd consider a steal."

The auction also includes $2 Million worth of diamonds including a 4 carat VS quality diamond, a number of rare watches including a $180,000 Audemars Piguet, and an extended wheel base Rolls Royce Phantom sedan, which retails at $700,000 new.

Media Preview:
Where: 1945 Mississauga Road, Mississauga
When: Tomorrow, Tuesday, January 26th noon – 2pm

Auction information:
Where: 1945 Mississauga Road, Mississauga
When: Sunday, January 31st, public viewing between 11am - 2pm
Auction at 2pm

About Ritchies:
Founded in 1868 as a small trading company, Ritchies Auctioneers went on to become Canada's leading auctioneer of the fine Canadian art, fine international art, decorative art, jewelry, rare wine and other personal property since its launch as an auction house in 1967. In 2011, the Ritchies name was purchased and has been re-invented by a new team as a world-class auctioneer of fine gems and jewelry, putting Toronto on the international stage. With offices in Toronto, New York, and Hong Kong, Ritchies offers over 20 auctions each year to a wide national and international market. Buyers include leading collectors, dealers, designers, curators, and discerning private individuals who have come to trust Ritchies' expertise, experience and in-depth market knowledge.


For further information: Media Inquiries: Irit Shtock, Account Manager, Liquid Communications,, O: 416-777-2899, M: 416-565-2519

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