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(Bloomberg) -- A waterfront mansion on a Vancouver street known as Billionaires’ Row is on the market for C$63 million ($48 million) -- a record listing in a market where rapid home-price gains are seemingly unstoppable.
Perched above a popular beach, the manor features expansive views of downtown Vancouver and snow-capped mountains across the bay. It’s owned by local business titan Joseph Segal and his wife, Rosalie, who are well-known as philanthropists in the city. The asking price is the highest ever for a residential single-family home listed in Greater Vancouver, according to Sotheby’s International Realty Canada, which represents the sellers.
The lofty price tag underscores the ever-escalating home values in Canada’s most expensive city, which has defied a succession of government efforts to cool gains as well as concerns about the near-collapse of alternative-mortgage lender Home Capital Group Inc. The price of the average detached house in Vancouver climbed 5 percent to a record C$1.8 million in May, while the number of properties sold was the third-highest ever for that month.
The Segals’ five-bedroom, 12-bathroom residence boasts more than 21,000 square feet (1,950 square meters) of living space on a 1.3-acre (0.5-hectare) lot, according to Sotheby’s. It’s located on Belmont Avenue, home to five of the region’s 10 most expensive properties.
The house features a dark wood-paneled bar, an indoor pool surrounded by white arches and a double-height atrium lined with paintings. It also has a chandelier once owned by Benito Mussolini, according to an October 2007 report by Vancouver Magazine.
While Vancouver’s lure as a magnet for global cash has sparked local criticism of foreign property owners inflating the market, the story behind the owners of 4743 Belmont Ave. is a quintessentially Canadian one.
Segal left school at 14 when his father died and later joined the Canadian army penniless to fight in World War II. His road to riches began after the war, when he purchased military surplus goods that no one else wanted -- starting with 2,000 cans of olive paint that he convinced farmers to buy to spruce up their barns, he told the Vancouver Sun in 2013.
From there he built an empire spanning retail, manufacturing and real estate, including founding Fields Stores Ltd., a no-frills chain that became a fixture in many rural towns across western Canada. He is president of Kingswood Capital Corp., the family’s Vancouver-based conglomerate whose holdings include interests in crib maker Stork Manufacturing Inc., a Vancouver television broadcaster and commercial, industrial and residential real estate developments in the region.
(Corrects spelling of Joseph in first deck headline.)
--With assistance from Erik Hertzberg
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