Next Sunday, Oct 28, Ritchies Auctions will sell a Bridle Path property in Toronto to the highest bidder; on-site on the property's lawn.
TORONTO, Oct. 23, 2012 /CNW/ - New real estate approach -Real estate markets have been softening and sellers are becoming more creative. Although they happen in the USA, until recently official real estate auctions in Canada were very rare. A few have begun to take place in western provinces and New Brunswick. Now Ontario will introduce this sales model, with a property expected to sell for more than $6 million in the exclusive Bridle Path enclave in northern Toronto. "It's a great way to attract international buyers," says Kashif Khan, Ritchies Managing Director.
A steal at twice the price -The Bridle Path neighbourhood includes some homes worth much more than this one. Ritchies will auction a 5 bedroom house on 2.35 acres on Park Lane Circle in this most desired area of Toronto. A white tent will be erected and the bidding will begin some time after 2:00 PM. The current home, modest by the standards of the neighbourhood, might eventually be renovated. Call it a pricey fixer-upper. In any case the large private yard with expansive tableland alone is likely to continue to appreciate in value, making the property a smart investment. The event is attracting strong interest from Asia and from other famous Canadians
Luxury items will be auctioned too -50 rare and valuable handbags -including two Hermes Birkins, some Chanel and Louis Vuitton- plus beautiful furniture, fine art, decorative art, silver, porcelain, diamonds, jewellery, watches, and silk rugs.
Auction Media Preview
On-Site at 6 Park Lane Circle, Bridle Path, Toronto
Wednesday Oct 24, 10:30am
|Auction||Sun Oct 28||2:00 PM|
|On View||Sun Oct 28||11:00 AM|
Ritchies Managing Director Kashif Khan 416-364-1864
About RITCHIES -RITCHIES is Canada's premier auction house founded in 1868, with head office and secure auction studio at 777 Richmond Street West, in Toronto, Canada; and offices in New York, Hong Kong and Dubai. RITCHIES holds more than twenty auctions each year, domestically and abroad. Auctions feature fine Canadian art, fine jewellery, fine Asian art, furniture & furnishings,fine silver, vintge fashions, automobiles, real estate and other personal property. Purchasers include leading collectors, dealers, designers, curators and discerning private individuals who have come to trust our experience and expertise.
For further information:
Bruce Nagy 416-432-6568
Ritchies Managing Director