On Feb. 13, online bidding for One Banfield St. will open with Sotheby’s Concierge Auctions, then culminate on Feb. 25 with live bidding at the Ritz-Carlton.Mshati Productions
Selling a high-priced home at auction is common in some parts of the world, but it is still relatively rare in Canada.
So many real estate mavens are sure to watch with interest this month as philanthropist Salah Bachir brings his Victorian Gothic mansion in Paris, Ont., to auction in Dubai.
On Feb. 13, online bidding for 1 Banfield St. will open with Sotheby’s Concierge Auctions, then culminate on Feb. 25 with live bidding at the Ritz-Carlton.
The circa 1854 house with five bedrooms and six bathrooms is currently listed for sale with Sotheby’s International Realty Canada. The asking price is $4.25-million for the 1.25-acre property, which still has its own postal code.
SIRC agents Paul Maranger, Christian Vermast, Kevin Haight and Alicia Haight listed the home in June with an asking price of $4.895-million.
Mr. Maranger and Mr. Vermast recently floated the idea of an auction with Mr. Bachir as a way to boost marketing.
The asking price is $4.25-million for the 1.25-acre property, which still has its own postal code.Mshati Productions/Supplied
For Mr. Bachir, former president of Cineplex Media, the 5,800-square-foot residence has served as the backdrop for his vast collection of paintings, photographs and sculpture by world-renowned artists.
“Dr. Bachir is quite accustomed to buying and selling art at auction,” says Mr. Maranger. “He was very, very comfortable with it.”
Sotheby’s is the majority owner of Concierge, which holds auctions in cities around the world.
In Dubai, Concierge will have a small portfolio of properties on the block on the same day.
The city and emirate in the United Arab Emirates is a major business and transportation hub with capital flowing through, say Mr. Vermast and Mr. Maranger. It also has a large population of ex-patriates.
“There are people who collect real estate like they collect cars,” Mr. Maranger says of the global audience.
Typically, those buyers are not likely to drop by the open house viewings scheduled for upcoming weekends.
Mr. Maranger says some buyers who are looking for a second home in places such as Niagara-on-the-Lake or Stratford, Ont., may not have the small town of Paris – about 90 minutes from Toronto – on their radar.
“This is an avenue to exponentially raise awareness.”
Over the years, Salah Bachir has brought in architects and interior designers to updated the house.Mshati Productions/Supplied
High-end properties outside of major cities can sometimes take three to five years to find a buyer. Auctions can bring a fairly quick sale, but results for Canadian properties have had mixed results.
In 2018, Mr. Maranger and Mr. Vermast took over the listing for a country estate in East Caledon after it had been on the market for two years with two different brokerages. The agents teamed with Concierge and sold the property successfully at auction.
In 2023, an island off the coast of Nova Scotia did not find a buyer during live bidding in New York under Sotheby’s Concierge Auctions.
Uninhabited Vollebak Island was listed with SIRC with an asking price of $13.49-million. The unusual offering includes plans for dwellings and supporting buildings by Bjarke Ingels Group of Denmark.
Scott Bryant, regional director in the Atlantic provinces for SIRC, says the property has not sold and is not currently on the market, but it may be relisted in the spring.
In 2016, the anticipated auction of Conrad Black’s Bridle Path estate was called off when a pre-emptive offer landed just as bidding was set to begin.
Even as time ticks down to the auction in Dubai, the buyer for 1 Banfield St. could very well come from Toronto or Vancouver, the agents say.
The circa 1854 house with five bedrooms and six bathrooms is currently listed for sale with Sotheby’s International Realty Canada.Mshati Productions
One area buyer who has already toured the property in the past booked another showing after the auction was announced, they say.
Mr. Vermast says the notion that the house could sell on a specified date sometimes galvanizes buyers who have been waiting on the sidelines.
“Now it’s serious business – there’s a fear of missing out – the house may be gone.”
The agents point out that, before the market downturn which started in 2022, it was common for agents to set a date for receiving offers on a property in Toronto. That deadline in effect created an auction.
The formal event – including an auctioneer bringing down the hammer – has an added element of excitement and intrigue.
To register, interested bidders must provide financial documents and a US$100,000 deposit, which will be held in trust.
After the three-week marketing period currently under way, participants submit their opening bid, which remains closed for 24 hours.
During that time, the seller can decide whether or not to proceed to auction.
Mr. Maranger and Mr. Vermast say the closed period is a time to gauge the level of enthusiasm; at Concierge, approximately 78 per cent of sellers decide to move on to the auction.
The yellow brick house at One Banfield was built for Charles Whitlaw, who created a business empire in the small town on the Grand River.Mshati Productions/Supplied
At that stage, bidding goes live for two weeks, during which buyers can participate online or by phone. On the final night, bids are continually updated for anyone in the room holding a paddle or competing virtually.
The action in the opening days tends to be subdued until the last day or two when excitement builds as the live event approaches.
“They can step in at the last second and bid,” says Mr. Maranger.
The yellow brick house at 1 Banfield St. was built for Charles Whitlaw, who created a business empire in the small town on the Grand River.
When Mr. Bachir purchased the property in the 1990s, it was well-preserved but in need of some updating. Over the years, Mr. Bachir has brought in architects and interior designers to create a modern spa bathroom, a home gym and other amenities. Outside there’s a saltwater pool surrounded by gardens and extensive grounds.
In advance of the auction, Mr. Bachir also sent an e-mail to friends and acquaintances and asked them to help spread the word about the house, which has been the setting for many charity fundraisers and soirees.
“If you know anyone who has ever been interested in getting their own private getaway in Paris [Ontario], pass this along to them and maybe you’ll get an invite to the housewarming party,” he quipped.