Forest Hill mansion sells for $2 million over asking price!

By Jenny Wagler, National Post

A Forest Hill mansion has been sold for more than $2-million over the asking price, even as the city’s real estate market otherwise continues to lose a little of its heat.

Melinda Rogers, Rogers Communications’ senior vice-president of strategy and development, paid $11.126-million to buy 8 Old Forest Hill Rd.

The home, which had a $9-million asking price, is down the road from family patriarch Ted Rogers.

The property behind the “sold” sign stretches 159 by 360 feet, and the stately stone house has 15 rooms, including six bedrooms and six bathrooms. It comes with a pool, a circular driveway, coach house and famous neighbours.

Grammy Award-winner Nelly Furtado lives down the block. So does gold baron and philanthropist Peter Munk, founder of Barrick Gold Corporation.

The home belonged to philanthropist Helen Phelan. Ms. Sversky calls it a “landmark estate,” adding “these houses do not come up.”

This, she said, made the property difficult to appraise, a possible factor in the final selling price.
Maureen O’Neill, president of the Toronto Real Estate Board, said the Forest Hill sale is ‘‘right up there’’ among the highest ever above-asking home sales.“It was a beautiful house ... renovated to the hilt,” she said. ‘‘It’s just one great big estate, a generous lot in the heart of Old Forest Hill.’’

Ms. O’Neill said fewer houses are going over asking than during last year’s record-setting spree.
The Old Forest Hill Road house — and a Riverdale home that sold last month for $929,000, $150,000 over asking — are anomalies, she said. In the current real estate climate, bidding wars remain the exception and not the rule.

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