Bridle Path home draws three bids over $5m ––bridle-path-home-draws-three-bids-over-5m

Bridle Path home draws three bids over $5m

A Bridle Path home that was supposed to go on the auction block Sunday has sold in a bidding war — it’s just not quite clear yet if it’s gone for $5.3 million or $5.4 million.

That should be decided Tuesday when the husband of the highest bidder, a Richmond Hill woman who wasn’t even looking for a new house, lands at Pearson Airport from a business trip to China and gives the final okay.

The couple were among three locals, two with starting bids tied at $5.1 million, who registered bids on the property Sunday. But most of the real bidding was done Monday because none of the three had been keen to sit for hours in the cold and rain under tents set up for the unusual auction of contents, and the property, Sunday at 6 Park Lane Circle.

“High-end stuff always comes with high-end problems. A guy flying back on a plane and unable to get to the phone is typical,” said Ritchies auctioneer Kashif Khan.

“If we didn’t have a tie, it would have been sold yesterday.”

After it was revealed that two of the three were tied, one raised their bid to $5.3 million, said Khan. The other then upped the bid to $5.4, but conditional on getting final approval from her travelling husband.

A meeting is scheduled for Tuesday to finalize an offer. The real value isn’t so much the five-bedroom, 50-year-old house as the one-hectare private enclave on which it sits on one of the most exclusive streets in the GTA.

It was the first house auction in the GTA for Ritchies and, despite the fact it was so cold on Sunday, Khan loss feeling in his hands and couldn’t bang the gavel, he considers it a huge success.

He’s had calls from 15 to 20 other homeowners, looking to sell their high-end homes by auction because of its speed and efficiency: The Park Lane house languished on MLS at $5.7 million before selling in what could have been just one day but, because of the tie, has turned into three.

“This auction and the amount of attention the house got drew out buyers who weren’t even looking for a new house. High-end homes usually take months to sell. What’s two of three days compared to seven months on MLS?”



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