A mega mansion in Richmond is back on the market for $5 million more than it sold for a year ago.
The 14,432-sq.ft. house at 8731 Finn Rd. is priced at $18.88 million and is the most expensive house on sale in Richmond at the moment
The monster home’s asking price is three times its BC assessment value of $6,156,626 - because the property sits on an the agricultural land reserve (ALR).
The property tax for 2020 was recorded at around $20,000.
It has seven bedrooms and nine bathrooms and features a private garden with waterfalls, an indoor swimming pool, a tennis court and a wine cellar.
The owner purchased the property in August 2022 at $13,575,735.
“The price is higher because the owner did a lot of extensive renovations to the house over the past year,” said Crystal Wang, listing agent of the property. She didn’t reveal why the house was back on the market so quickly.
“The house was built in 2012 when the policy to limit houses on farmland hadn’t taken effect yet. The land is 15 acres, the house takes [around] five acres and the other 10 acres are farmland that’s rented out to farmers.”
House built before new limits came in
Richmond first set a limit of 10,700 square feet on homes in the ALR in 2017, after residents expressed concerns about speculation and valuable farmland being kept out of reach of new farmers.
Richmond city council voted in 2018 to further limit the size of ALR homes to 4,300 sq. ft. — more than 1,000 square feet lower than the provincial restrictions.
Despite the high asking price, local realtor Chris Dinnell said it doesn’t always mean the seller gets what they want.
“People can list it however high they want. If it’s listed for five million more than last year, most likely it’s because they’re trying to make a profit but doesn’t mean that they’re actually going to get what they want,” said Dinnell.
“It’s a very strange market… [high] interest rates have definitely slowed down the market for sure. Anything under 500 grand 600 grand are moving quite quickly right now. More expensive ones are taking slower.”
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