“It’s a go!!!!!!!!” exclaimed listing agent Paul Maranger, broker and senior vice president of sales at Sotheby’s International Realty Canada in Toronto. The enthusiastic text message came just minutes after the Feb.13 deadline for the homeowner’s decision to proceed with an auction or cancel.
“We’re going to auction,” Maranger confirmed, describing the process as “super exciting.”
The historic Paris, Ont. residence, owned by renowned art collector, philanthropist, and fundraiser Dr. Salah Bachir, officially went live for auction on Feb. 13 and will conclude on Feb. 25 in Dubai.
Rare in Canada, popular globally
While home auctions are common in regions like Australia and Scandinavia, they are still a rarity in Canada, Maranger says. Sotheby’s Concierge Auctions, the world’s largest luxury real estate auction house, limits the acceptance of properties worldwide. Only 5 per cent submitted for consideration go to auction.
To qualify, homes must be high-end, boast ultra-unique features or locations, or sit in special geographic areas, Maranger says, adding that he knew Bachir’s 5,812-square-foot Victorian Gothic residence fit the bill.
One Banfield is the “creme de la creme” and has a storied past, he says. “It should have gone to auction (on) day one.”
The story behind 1 Banfield Street
Built in 1854 for businessman and flour manufacturer Charles Whitlaw, the property is set on 1.25 acres of meticulously landscaped grounds. The home underwent a major restoration under Dr. Bachir’s guidance, with period experts carefully preserving original elements like hardwood floors, plaster mouldings, fireplaces and the slate roof.
Dr. Bachir spent “a small fortune on the restoration,” Maranger notes.
The home has two sides. One exudes formal grandeur, such as the living room with its gold leaf applique on the ceilings. The other is the modern side, which includes a saltwater pool, a patio and a hotel-like dining cabana, he says. “The home was designed for entertaining.”
A historic gem with modern appeal
Maranger says despite the grandeur of the foyer, few people use the front door, instead entering through a large modern mudroom that features the exposed brick of the garage and stone of the house.
The 3,421-square-foot main floor includes a double living room, a massive dining room and a bright study. Each of the four second-floor bedrooms exudes its own character.
A “super surprise is the attic,” he says. The vast space has high ceilings.
Less than 20 years ago, the basement was excavated to create a spa, using the same type of Douglas fir used in the Art Gallery of Ontario’s addition, Maranger says. “Under Dr. Bachir’s guidance, the house is the most prominent residence in town.”
Having a seller who is willing to put his name out there is a marketing bonus. “Dr. Bachir is a philanthropist, major art collector, a creative man with multiple honourary doctorates, and a patron of the arts and artists, who has helped put many artists on the map. He has an impressive collection of art.”
A major fundraiser for St. Joseph’s Hospital in Toronto and a voice in the LGBTQ community, Bachir created the home to suit his major entertaining endeavours and family gatherings. However as his need for business and personal entertaining diminishes, he has decided to downsize and travel, Maranger says.
From MLS to auction
The historic property was first listed on MLS at $4,895,000, suspended for periods of time but on the market in total for just over six months, says Maranger, who along with Realtors Christian Vermast, Kevin Haight and Alicia Haight, is representing the residence.
There was interest and there were some showings, but the decision was made to take it to auction to expand interest, he says. “It takes our reach and amplifies it.” Concierge Auctions sends 185,000 plus email subscribers auction alerts. “Some are agents and spheres of influence but the core group actively engaged with Concierge in the past. They’re like car collectors,” Maranger says.
The auction process
Concierge Auctions holds one-off auctions several times a year and also has portfolio auctions in key cities several times a year.
Maranger says 1 Banfield is one of two Canadian properties (the other is a $5.89-million custom luxury retreat in Georgian Bay with more than 400 feet of waterfront) in the next portfolio auction when “under 10 homes will go to hammer.”
Bidders must register, with a $100,000 bidder deposit required.
Unlike the traditional auction, which has a series of bids, a fast pace and time pressure, Concierge Auctions offers an automatic time addition to the auction clock each time a bid is placed to give all bidders a chance to place their next bid, the company says.
Maranger says “It could be a bidder in the room, phone bidders or a bid made through a registration process online. (Bids) are all instantly updated.”
One Banfield is on MLS and bidders are required to register with Concierge Auctions. “We cooperate with all agents.”
Maranger says the auction will be live-streamed from Dubai. To follow, go to the property page and the live streaming window will appear five minutes before the event starts at 10 am EST on Feb. 25.
A new chapter for 1 Banfield
“The house is Dr. Bachir’s story. He lived a quarter century in the house. He’s always been an incredibly generous man, incredibly brilliant and giving.”
The hope is that the house will sell to “someone equally as generous who will continue that legacy…someone kind and generous….We’re excited to see who the owner will be, how they will cherish it and move the home into the next 25 years.”
Images courtesy: Sotheby’s Concierge Auctions