Bear Mountain owner’s refusal to pay three years of taxes resulted in property being sold at auction to municipality

(Source: The Globe and Mail)

A $6.74-million chunk of prime real estate that was once slated for an upscale condominium tower known as Soaring Peaks at Bear Mountain Resort near Victoria was sold to the municipality of Langford yesterday for just $350,000.

The property, 0.63 hectares wedged between the ninth and 17th greens of the massive development’s Jack-Nicklaus-designed golf course, was one of two Bear Mountain properties offered to bidders during Langford’s annual tax sale.

The second parcel, three-hectares of marginal development land worth $1.94 million, went on the auction block for $75,000.

Langford finance director Steve Trenent said the sale prices reflected the “minimum amount the municipality can accept at public auction,” based on the amount of taxes and interest owing.

Read Brennan Clarke Victoria’s full article “Langford buys $7-million property for $350,000” in the Globe and Mail (September 29, 2009).

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