Billionaire looks to unload home with sealed bid auction
Clay Riddell’s ‘unique property’ was listed for $7.9 million two years ago
To the victor will go some swanky spoils.
After sitting for nearly two years on the market, the rustically posh family home of Calgary billionaire Clay Riddell will hit the auction block with a unique format next month.
In May 2016, the 11,500-squarefoot Red Deer Lake-area estate hit the market with a $9.9-million price tag, but despite some wellheeled tire kickers, the price was later reduced to $7.9 million in an attempt to unload the property.
Shawn Hansen, with Hansen Land Brokers, said he hopes to reinvigorate interest in the sixbedroom, five-bathroom abode by launching a sealed bid auction, which began Tuesday. When all the sealed bids are in after the deadline of noon on June 18, they’ll be opened and the top handful of bidders (to a maximum of four) will spar over the property in a private online auction the next day.
“It’s a unique property, so it’s going to need a unique buyer,” said the professional auctioneer and land broker.
“We’ve sold a lot of land by auction over the years, but I haven’t ever seen it done this way.”
The 80-year-old energy tycoon and part-owner of the Calgary Flames is listed by Forbes as Canada’s 37th wealthiest person, with a reported net worth of $1.34 billion. In 2015, he stepped down as CEO of Paramount Resources, handing the reins to his son, James.
The home, built on 65 hectares of land purchased in 1976, was a labour of love by the Riddell family, boasting a tennis court, interior pool and squash court, a 15-stall horse stable, bonus detached threecar garage with walkout workshop, and a landscaped courtyard.
While Alberta continues to recover from the devastating oil crash of 2014, the market for highend luxury homes has seen an achingly slow recovery.
Data released earlier this year by Sotheby’s International Realty Canada suggested that while million-dollar properties made a major rebound in 2017, homes valued at more than $2 million slumped, and those with price tags eclipsing $4 million barely made a ripple, with only two sales last year.
Hansen admitted the luxury market has become lean, but those able to realistically consider purchasing property like the Riddells’ likely weathered the downturn fairly well, and a hefty price tag wouldn’t necessarily be a deterrent.
“It’s been a bit skinny for sure,” he said.
“(The auction) just went up yesterday and I’ve already had some emails about it.”
Hansen noted that while Riddell hasn’t set a reserve bid on the property, he reserves the right to veto any of the overtures.
“There’s no reserve bid, but Mr. Riddell has the right to accept or reject bids at the end of the day,” he said.
“It’s a gorgeous property and the land itself is an incredible piece of property.
“We hope to see some people stepping up and sending envelopes.”
To view the listing or express interest in the bidding process, visit hansenlandco.com