A Forest Hill mansion has sold for the highest recorded price ever on the Toronto Real Estate Board's multiple listing service.
The home, located at 135 Dunvegan Road, sold for a whopping $15.8 million.
The residence is the former home of George Eaton of the Eaton's department store chain.
The property boasts eight bedrooms, 13 bathrooms, a movie theatre and a six-car-indoor garage.
Elli Davis of Royal LePage represented the purchasers and says the grandeur of the home is unsurpassed.
"The gardens, the driveway, the garages, the location on this street are just the best," Davis told CTV News.
The 16,000 square-foot mansion has been on and off the market for the last three years at a price of $25 million.
In May, the owners dropped the asking price to $16 million.
In Toronto's booming real estate market, a million-dollar residence is not what it used to be.
"When you look at the lot value and the size of the home, it actually became quite realistic with what Toronto prices were at," Davis said.
Davis said a million dollars in 2007 is equivalent to what $500,000 used to buy in Toronto.
According to RE/MAX, more than 1,200 homes have sold for more than $1 million in the first half of 2007; almost as many as were sold in all of 2006.
The province's housing market is expected to stay healthy, driven by low mortgage rates, strong in-migration and job growth.
The Canadian Real Estate Association says June had the highest monthly sales level on record and the third consecutive month in which activity scaled new heights.
Existing home sales rose to a new seasonally adjusted high of 31,300 -- up 0.3 per cent from May and 10.9 per cent from a year ago.
With a report from CTV's Desmond Brown and files from the Canadian Press
