$28m Price Tag for Surrey Villa is Nearly 10x Assessed Value

Tuesday, August 22nd, 2017

Andrea Nazarian

A BC couple is asking for $28 million for their Tuscan villa-style home in the Fraser Valley, a mere two years after its completion. The 14,225-square-foot custom-built mansion sits on 76 acres of Surrey agricultural reserve land, and is priced $25 million above its current assessed value of $2.9 million. 

Apart from the home’s opulent interior built with world-class imported materials, the property features a 15-acre vineyard, helipad, parking for 40 cars, an outdoor amphitheatre, two lakes, a koi fish pond, a spa accessed via elevator, a number of pools and fountains as well as an outdoor dining patio with pizza oven. The property won the 2016 Georgie Award, which celebrtates home-building excellence in British Columbia, for outdoor living and landscaping. 

The most eye-popping aspect of this home, however, is arguably not its luxury amenities but rather its price tag given its location in the Fraser Valley. According a report by the Vancouver Sun, B.C. home Assessment Documents reveal that residential-zoned land on the property is valued at $986,000, farmland valued at $76,000 and buildings on the property valued at $1.84 million.

Believe it or not, the villa isn’t the only Surrey home listed at $28 million, either. 

Michael Gleboff, spokesman for the Fraser Valley Real Estate Board, said to the Sun that only a “handful” of single-family homes in the Fraser Valley have sold over $10 million. He explained that some waterfront properties in Surrey’s White Rock neighbourhood have sold between $8 and $13 million in recent years, but that a property priced over $20 million in the Fraser Valley would typically be for a multi-family development. 

The couple, who spent several years building the home, are now considering retirement and “down sizing” after living on the property for a short time. 

© 2017 REW.ca

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