iN PHOTOS: This Lake Country summer home is on sale for almost $18 million

Diane Moore has known the American owners of a 5,600-square-foot Lake Country waterfront home for the past 20 years.

Now, she’s listed that home and adjoining modular home park for sale for $17.8 million.

“It’s always been a summer home,” Moore, a Realty One realtor, told iNFOnews.ca. “They have three sons and several of them have been married in the house. They have many, many fond memories with their family but the time has come. They’re older now.”

According to BC Assessment, the house was built in 1950, has four bedrooms and three bathrooms. But, Moore said, it’s been added on to so it now has eight bedrooms, six bathrooms and 5,600 “rustic” square feet of space.

It sits on 3.9 acres of waterfront land on Wood Lake at 11570 Bottom Wood Lake Road with 350 feet of sandy beach, a dock with three electric boat lifts and a five-car garage.

It comes with another two acres of land further away from the lake that has 16 older modular homes in the Sunny Acres Mobile Home Park.

While a financial statement on the lakefrontinlakecountry website that was created for the sale shows the park earns about $60,000 a year, that’s far short of what it would cost for an $18 million mortgage.

“To obtain that value, it’s being sold for development purposes,” Moore said. “We have a pending offer on it right now. It’s very rare to find low level sandy beach. That’s what this property is.”

READ MORE: With demise of mobile home parks in Kelowna, affordable home ownership slips away for many

Because of the pending offer she did not want to talk about what kind of redevelopment is proposed. But the Lake Country Official Community Plan envisions high density residential with commercial on the modular home park site, Moore said.

The pending offer comes despite the fact the property has only been listed for a couple of weeks.

There are rules that need to be followed in order to vacate that park, like giving one year’s notice, so it could take a couple of years for that part of any redevelopment.

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