The residence at 4707 Belmont Ave. in Vancouver is the most-valuable residence in B.C., according to recent figures from the B.C. Assessment Authority.
The identity of the owner of the most valuable home in British Columbia remains shrouded in secrecy, hidden behind confidentiality agreements and an offshore company.
But when you own one of the best view properties in the province and spend millions of dollars and more than seven years to completely transform it, privacy is important.
For the owner of the 25,000-square-foot mansion at 4707 Belmont Ave. overlooking Spanish Banks in Vancouver, the cost of that privacy can now be pegged at $39.2 million. That’s the value the B.C. Assessment Authority has placed this year on the spectacular and luxurious new home that sits on nearly two acres of gated land with sweeping views of Howe Sound, the city and the North Shore mountains.
The home is located at the start of a relatively short, poorly maintained road without sidewalks that is nonetheless so geographically valuable that no less than nine of the top 25 highest-value homes in B.C. are situated on it.
Architect Russell Hollingsworth designed and built the mansion for the reclusive owner, who reportedly is from Ontario. Hollingsworth said he’s under a confidentiality agreement and can’t disclose anything about the owner, but he said the project was one of the largest he’s undertaken.
Hollingsworth’s company, Rusco Enterprises, is so sought after by the city’s wealthy that five of the 10 most-valuable homes in B.C. were designed and built by him. One of those is Lululemon fashion owner Chip Wilson, whose home at 3085 Point Grey Rd. is the second-most-valuable home in B.C., at $35.2 million. Last year, it was at the top of the assessment authority’s list.
The Belmont mansion includes a 13,534-square-foot lap-pool, a 4,705-square-foot squash court, and a 665-square-foot porch. Overall, the entire project, which took six years to complete, covers nearly 45,000 square feet of development.
Land title records show the property is owned by Pisonii (PTC) Ltd., a company not registered in B.C. When the property was purchased in 2005, it was bought by a related company, Pisonii Ltd., registered in the British Virgin Islands where corporate identities are protected.
Hollingsworth said the family moved into the home last year after the work was completed. He wouldn’t otherwise discuss the improvements to the site.
Peter Ferry, a lawyer with Gowlings in Vancouver, said he represents the owners and they have declined to comment or identify themselves.
“It’s not the royal family, and you are not the paparazzi,” he said. “It is a private residence. It is not something people with their homes want to discuss.
“We’re aware this attracts attention. We’re not trying to be jerks, but ... my instructions are that there is just no comment.”
Tony Rojac, whose company Architectural Stone Masonry of Sumas did much of the stonework, said he also couldn’t disclose the identity of the owner. He said he met the man once during the summer when a barbecue was held to thank everyone who worked on the project.
The property was once owned by high-flying Vancouver businessman Nelson Skalbania.
The other eight owners on Belmont Ave. who have cracked the B.C. Assessment Authority’s top-25 list of most-valued properties include the Khosrowshahi family, founders of FutureShop and Wesbild; investment banker David Sidoo and his wife Manjy; philanthropists Joe and Rosalie Segal; Canaccord Financial founder Peter Brown; Mohammad Mohseni; Lei Qi Zheng; Marcus and Hana Wosk; and an offshore company, Rosy Palace Investments.
The newest buyers on Belmont were the Wosks, the son and daughter-in-law of the late businessman and philanthropist Morris Wosk. Last June, they paid $20 million for a massive two-acre estate at 4851 Belmont Ave., on which sits a 76-year-old mansion.
The list of the top-200 most-valuable homes in B.C. can be found at bcassessment.ca.