Vancouver billionaire, Joe Segal and his wife Rosalie, are putting the home they created, up for sale.
“This is one of a kind. Understand that it’s a rarity.”
Segal, told CBC News they bought the land for approximately $7 miilion (Cdn.) in 2009 and Rosalie oversaw the construction of the estate.
Now the mansion, in the tony Point Grey area of Vancouver, is on the market for for $63 million (Cdn.)
“She built the house and it was built with tender loving care … The lot is the best in the world. No traffic, quiet, view of the mountains and water. This is one of a kind. Understand that it’s a rarity.” Segal said.
Christa Frosch, an agent with Sotheby’s International Realty Canada, said if and when it sells, it is likely to set a record for a residential real estate transaction in Metro Vancouver.
Sotheby’s has not posted the listing, but the residence was assessed by the province recently at $40 million (Cdn.) now one of the most valuable residential properties in British Columbia.
With nearly 22,000 square feet, the house was built into a very private property that slopes gently allowing for the magnificent view overlooking English Bay and the North Shore mountains.
“I’m 92 years old. Do you know how old that is? It’s time.”
Segal, 92 years of age, said he and his wife of almost 70 years, raised millions of dollars for the many charities they supported, while hosting fundraisers in their home.
Two gallery halls inside the main entrance were designed to seat up to 100 guests for events and private concerts.
With five bedrooms, 12 bathrooms, an elevator. and an indoor pool, the house also has an in-law suite with a private entrance, and a six-car garage.
The home is decorated in new classical style, and the landscape includes mature gardens inspired by Versailles that are terraced on three levels.
“I believe the buyer of this home will have a passion for art, history, luxurious landscapes and timeless design,” agent Christa Frosch told CBC News.
A self-made billionaire Joe Segal started out at the age of 14 selling frozen fish door-to-door by bicycle, following the death of his father.
He served during the the war, and then opened an army surplus business in Vancouver.
This eventually grew into the Field department store chain.
That led to a buy out of Zellers which he eventually traded up for a stake in the Hudson’s Bay empire.
Over the years Segal has been primarily involved in property development through his company Kingswood Capital Corporation.
When asked why he and his wife were selling the home, Segal said, “I’m 92 years old. Do you know how old that is? It’s time.”
He said they haven’t decided where they will move to yet, but he made it clear it won’t likely include building a new home.
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