TORONTO - The Federal Court is hearing a motion today from former media baron Conrad Black, who is arguing that liens placed on his Toronto estate by tax authorities are preventing him from selling the property.
Black sold the nine-bedroom, 11-bathroom home at 26 Park Lane Circle to multimillionaire businessman Harold Peerenboom for $14 million as part of a lease-back deal in March.
Under the arrangement, Black and his wife, Barbara Amiel-Black, can continue to live in the home located in the wealthy Bridle Path neighbourhood.
In court documents, Black says Peerenboom wants the sale to close on or before June 30, and will not purchase the 23,000-square-foot property after that deadline.
However, the Canada Revenue Agency has placed two liens against the property, alleging Black owes an excess of $15 million in taxes from 2002, 2003 and 2008.
Black argues in the documents that the liens need to be removed for the sale to proceed, saying he is willing to put the proceeds in a trust account pending the outcome of the tax dispute.
