Wednesday, March 16, 2016

Derelict Toronto Mansion listed for $ 1

A 25,220-square-foot Toronto mansion listed for sale at $1 is attracting attention. The true value of the heritage-designated property is probably higher than a dollar.

After serving as a Salvation Army home for single mothers, Harris House was sold in 2011 to a developer for $1.7 million. It’s back on the market after plans to build condominiums on the site fell through.
Property prices have climbed in the interim, and there’s nothing like it, making it difficult to know what the property is worth.

The listing offers a hint, taxes are estimated at $35,207. That suggests an assessed value of $5-million. It's likely that the home will sell in the millions rather than the $1 asking price. Real estate agent Matthew Pringle said "We're just putting it out there and seeing what potential it has. There's no point putting a certain number on it because for some people it will be overpriced and for some it will be a steal."
The home was built in 1902 for William Harris who in 1861 founded the Harris Abattoir Company, which became Canada Packers and eventually Maple Leaf Foods.

The family sold it in 1927 for $20,000 to the Salvation Army.