Yahoo Finance Billionaire Joe Segal's $63M Vancouver mansion up for sale
If you are searching for a place of your own to kick back and enjoy the view, Vancouver philanthropist and self-made billionaire Joe Segal may have a deal for you.
At age 92, Segal and his wife Rosalie of nearly 70 years, have decided to put their Point Grey mansion up for sale for $63 million.
Sotheby's International Reality Canada has not posted the listing on MLS and has not released the address of the home, but property records indicate the home is at 4743 Belmont Ave.
Joe Segal told CBC News they bought the empty property in 2009 for around $7 million and Rosalie presided over the building of the home.
"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."
And officials tend to agree. The residence was recently assessed by the province at $40 million, making it one of the province's most valuable residential properties.
Sotheby's agent Christa Frosch noted if it sells, it will likely set a record for a residential real estate sale in Metro Vancouver.
Premium priced
In a statement issued on Thursday, Frosch described the home as "one of Greater Vancouver's most significant, privately held residences."
The nearly 22,000 square foot home sits on an extremely private, gently sloping 1.28 acre property, overlooking English Bay and the North Shore mountains.
Features include two main gallery halls at the entrance capable of seating up to 100 guests for private concerts and events, five bedrooms, 12 bathrooms, an elevator, an indoor pool, six-car garage and an in-law suite with a private entrance.
Segal said he and his wife raised millions of dollars for the many charities they support hosting fundraisers in the home.
The whole house is decorated in new classical style, including the 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," said Frosch.
Self-made man
Segal is a self-made billionaire who got his start in business at the age of 14 selling frozen fish door-to-door by bicycle after his father died.
After serving in the war, he went on to open an army surplus business in Vancouver, which turned into the Field department stores.
He then bought out Zellers and eventually traded up for a stake in Hudson's Bay.
In past decades, he's been chiefly involved in property development with his company Kingswood Capital Corporation.
When asked why they were selling the home, Segal said, "I'm 92 years old. Do you know how old that is? It's time."
Segal said he and his wife have not yet decided where they would move to, but indicated it likely would not include building a new home.
Google Maps: 4743 Belmont Ave. Vancouver
