Penthouse at Toronto Four Seasons sells for US$28.6m

TORONTO A penthouse atop Four Seasons Hotel and Private Residences Toronto has sold for C$28 million (US$28.6 million), which is believed to be the most ever paid for a condominium unit in Canada.

The 9,038-sq.-ft. suite was acquired by an unidentified international businessman, according to developer Bay-Yorkville Developments Ltd. The unit is in one of two 55-story towers comprising 210 private residences, of which about 85% have been sold. The building, including the hotel, are scheduled to open in summer 2012.

The penthouse was priced at C$30 million when it went on sale in September 2008.

While a record for Canada, it is nowhere near the most ever spent on a hotel condominium. While global records are incomplete, a condo at New York City’s Plaza hotel sold for US$48 million in March.