East Kelowna mansion sold at auction last night for half its listed price

KELOWNA – A new owner got a steal of a deal in a multimillion dollar East Kelowna home that was auctioned off without a reserve last night.

The winning bid was $2.998 million – less than half of the $6.5 million it was previously listed at.

The 9,000 square foot, 14-acre property has a view of Okanagan Lake, guest quarters, five bedrooms and five bathrooms, according to the Platinum Luxury Auctions website.

It also comes with tennis courts, a horse paddock, jacuzzi, wine cellar, a chef's kitchen and a 13-acre apple orchard.

Vice president of operations at Platinum Luxury Auctions David Enriquez says the final price, with premiums, will be roughly $3.3 million.

The property is valued at a little over $3 million, and bidding started at $1 million at the private property last night, Oct. 5 at 7 p.m.

After creeping up $50,000 each bid, offers stalled around $2.6 million. Two local orchardists then took it past $2.9 million before the winning bid of $2.998 million was placed.

The actual purchaser and price may not be known for months but Enriquez says the sale is all but finalized.

"Theres no financing, no inspections. We can rest assured this buyer will close on the property," he says.

The name of the buyer has not been released.

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