The 11,000-square-foot, two-and-a-half storey home is one of the largest residential properties in the inner-city area, and is strategically situated on a prestigious property ridge in Britannia.
As told to The Globe and Mail, Scott Inglis—who purchased the home for $6 million in 2012 after his victory in a bidding war—continued the vision of previous owner Ruth Chad, who was in the process of fully overhauling the home before her untimely demise in 2011.
“Even at $6-million, it was still far less than it would have cost me to level and rebuild my bungalow to a similar specification,” Inglis said.
“The construction was slow but meticulous,” he recounted. “I believe several architects were fired in the process. It was solid concrete, constructed like a European country estate and built to last 200 years. Something you don’t find much in Calgary anymore.”
Chad’s plans included lavish additions such as (but not limited to) a central atrium outfitted with a vaulted skylight, an expansive master suite plus three additional bedrooms, a home theatre, and two panic rooms, including a fully furnished nuclear shelter 15 feet underground.
Despite the project’s ambitious goals, the high-end home was listed for a mere $3.995 million recently.
“We took the decision to reprice it to try to achieve a sale,” Inglis’s agent Thomas Keeper said. “Calgary has significantly more sales activity under $4-million than over it.”
“It’s going to be an incredible purchase for somebody because I guarantee when the market turns around this home is going to be reappraised at $6-million,” Keeper added. “It’s greatly undervalued due to circumstance.”
Inglis, who is planning to move to the Mediterranean once the deal is closed, remained level-headed despite possibly losing $2 million in just 5 years.
“I predicted that the house would hold its value in any market because I believe there’s value in purpose and this house was built with great purpose,” he stated. “That hasn’t proven to be correct. But that’s Calgary: It’s a cyclical and commodity-driven economy and real estate is part of that.”
MBN
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