Vancouver Island mansion finds a buyer after 14 years on the market

249 King George Terrace, Victoria

Asking price: $7.5 million (May 2023)

Previous asking prices: $11.5 million (2009), $9.750 million (2016), $13.5 million (2017), $12.5 million (Feb. 2022), $7.999 million (Feb. 2023)

Selling price: $7.5 million (May 2023)

Days on the market: 14 years

Taxes: $82,494 (2022)

Listing agents: Scott Piercy & James LeBlanc, Engel & Völkers Victoria

The home was built in 2002 with extensive wood trims and dark interiors.

The Action

This mansion, with 14,430 square feet of living space, is in Oak Bay, a small municipality within Greater Victoria, on Vancouver Island.

The home had been on the market since 2009 with different agents. More recently, it had been viewed online by thousands, said listing agent Scott Piercy. He and James LeBlanc took over the listing in 2022. A year later, they dropped the price twice and it finally sold in May. They only received one offer and the buyer was from Vancouver.

Built in 2002, the extensive wood trims, dark interiors and granite countertops were opulent at the time, but they may no longer be to everyone’s taste, said Mr. Piercy. But the biggest complaint from potential buyers was its sheer size.

One of the home's centrepieces is its grand staircase.Engel & Völkers Victoria

“It was like a mini Four Seasons Hotel. … Even doing a reno that size is massive. Somewhere like L.A. or Miami, there is the scale there, because there’s a lot more money. But not Victoria.”

The original owner hadn’t fully completed the house when he sold it as a court-ordered sale in 2002.

The home has three kitchens.Engel & Völkers Victoria

What they got

The house has a grand staircase, five fireplaces, three kitchens, five bedrooms, 10 bathrooms, a billiards room, movie theatre, gym, wine cellar, sauna and changing room and an elevator that connects all three levels.

Dubbed Muir Haven, it sits on nearly an acre of land, with a pool and private beach access. It’s a few minutes from downtown Victoria.

A few of the home's unique luxury features include a billiards room (above), movie theatre, gym, wine cellar (below) and a sauna.

The lot alone is worth about $5.5-million, said Mr. Piercy.

“It’s also built like a commercial building, at around $1,000 a foot, so it would be impossible to replace.”

The concrete structure includes geothermal heating for the house and pool, which helps with the utility bills, which are only around $3,000 a month, said Mr. Piercy.

The home also boasts a pool, a changing room and a terrace overlooking the ocean.

The Agent’s Take

In the time they had the listing, said Mr. Piercy, they showed it to about one party a month, so it had considerable exposure.

The market has slowed down recently, so the timing was good, he said.

“It’s just making sure we had the right exposure so the owner could make an educated decision to bring the price down,” he said. “It was a deal for the new owner with the square footage, and he saw that.”

Victoria has only seen 23 sales worth more than $4-million in the last two years, said Mr. Piercy.

The sale was completed on Aug. 21.