European Purchases ‘The Castle’ For $17.5 Million

The $17.5 million estate ‘the castle,’ as it is called by children in the neighborhood, was sold to a mystery European. The 1931 built property is 15,000-square-feet big and was designed for industrialist Frederick Cowan by architect John Lyle, who also designed the Royal Canadian Yacht Club, the Royal Alexandra Theatre and Union Station. Investors bought the mansion at 174 Teddington Park Avenue in Toronto three years ago for $13.5 million in before it was renovated for $5 million. The investors were Kris and Margaret Isberg who dispatched a 100 x 190-foot lot from the real estate site as part of the sale, which got them $6 million in addition to the estate revenue, ensuring a $5 million profit on their overall investment.

A Chestnut Park agent who was representing the Isbergs through the process of the deal, Barry Smith, stated that not many houses in Toronto change hand at such a high price. “I do believe that is a record price for a lot in Toronto,” he said. “As for the house itself, it’s easily the highest sale in Toronto for a very long time. There aren’t too many that have ever sold for a higher price.”