August 16, 2010

Those who keep tabs on the London real estate market are accustomed to ridiculously high prices, but for incredulous outsiders the thought of paying $220 millon for a luxury penthouse suite is enough to make jaws drop to the floor.

Of course, there’s no shortage of piggy bank busting luxury condos in Toronto.

You can purchase an elegant 3 bedroom suite in the Residences at the Ritz Carleton for $9 million and the Aura at College Park penthouse is on the market for $17.5 million. If you’re really looking to splurge that $30 million penthouse on the top floor of the soon-to-be-completed Four Seasons Residences is the suite for you.

These prices may seem a bit high to the average Toronto urbanite, but for those of you who are reading this post on your iPad while jet-setting to your vacation home on the French Reviera, $30 million may seem like just a drop in the bucket.

But even London real estate veterans must have been shocked at the price tag for the One Hyde Park penthouse which was recently sold in London’s elite Hyde Park neighbourhood.

The six bedroom penthouse at the One Hyde Park development was bought for $220 million, making it one of the most expensive pieces of real estate in the world.

Aside from enjoying the incredible location in the ritzy London neighbourhood, the penthouse owner will have access to 24 hour room service, a private wine tasting facility, spas and squash courts.

While the identity of the buyer is being kept on the down-low, one thing I can say with certainty is they’re exceedingly rich and have a preference for living large.

We won’t be seeing $220 million condo suites in Toronto in the near future, but as land becomes increasingly scarce in posh neighbourhoods like Yorkville and King West, anything is possible.

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