Hundreds of properties in Quebec change hands every day, most of them without us knowing the exact details. That was before we became interested… Here are the latest transactions that caught our attention.
The estate of businessman Leo Stroll, paternal grandfather of racing driver Lance Stroll, just sold his Westmount estate for nearly $5.8 million. That’s 30% less than expected.
The wealthy patriarch’s former residence is located at 74 Summit Circle Street on the plateau of one of the three peaks of Mount Royal on the island of Montreal and includes 16 rooms, including four bedrooms and four bathrooms. Built in 1980, the residence also has three floors and is equipped with a glass elevator.
Located at 74 Summit Circle in Westmount, this property was home to billionaire Lawrence Stroll’s father for decades. Google Street View
Leo Stroll (née Lyner Strulovitch) made his fortune in the fashion industry. Among other things, he was a distributor of the Pierre Cardin and Ralph Lauren brands in Canada. He died in spring 2022 at the age of 90.
His son Lawrence Stroll, former boss of Tommy Hilfiger and later owner of Aston Martin, now controls the fortunes of his son Lance in Formula 1. Forbes magazine estimates his fortune at 3.6 billion US dollars.
Driver Lance Stroll at the United States Grand Prix in Austin, Texas on October 22nd. MEGA/IF
This Westmount home was purchased in 1989 by Sandra Bloomfield, Mr. Stroll’s wife. At this time the transaction closed for $2,325,000.
A few months after Mr. Stroll’s death, the property was offered for sale again in the summer of 2022. The selected real estate agents then listed it at $8.3 million.
More than a year later, the residence finally found a buyer for $5,775,000. That’s over $2.5 million, or 30% less than the original list price.
Amy Benloulou, Michael Witt, Witt Real Estate
Very rarely, Mr. Stroll’s residence was sold below the municipal estimate. At the most recent three-year valuation, this property was assigned a value of $6,673,900 and $1,766,600, or 36% more than the previous valuation of $4,907,300.
For buyers, a $179,593 transfer tax payable to the City of Westmount will be added to the purchase price.
Excerpted from the Journal’s weekly real estate column. If you learn of a transaction that interests you, do not hesitate to share it with us at [email protected].