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How A $6.5 Million Dream Turned Into A Nightmare In Vancouver’s Real Estate Meltdown

How a $6.5 million dream turned into a nightmare in Vancouver’s real estate meltdown

By Jen St. Denis for The Star Vancouver

VANCOUVER—The 5,800-square-foot, five-bedroom, six-bathroom house in West Vancouver’s Sandy Cove neighbourhood features a roomy three-car garage, an elegant white interior-design scheme and a state-of-the-art “chef’s kitchen.”

For two years, the minimansion with a mock-Tudor roofline has been sitting at the end of its stately driveway empty, unsold and forlorn, and it’s now in foreclosure. BlueShore Financial, the credit union that loaned the homeowner and his stepson the money to redevelop the property, recently won a judgment in B.C. Supreme Court allowing it to sell the home to recoup the loan.

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The owners listed the property in August 2016 for $6.5 million, but now the price has dropped to $3.988 million, and still there are no takers. The current assessed value of the property is $3.4 million.

The lawyer for the former owner, Richard Baker, did not respond to requests to speak to his client. Baker’s stepson and partner in the redevelopment project, Richard Chandler, declined to comment, so the story is being told through the April 15 judgment in the foreclosure case by Master Bruce Elwood, an appointed court official who presides over civil cases.

Continue reading the full story here >>
 

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