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Essentially, this $10-million manor is a giant fixer-upper.
What makes it worth the eight-digit price tag is its location -- on a large lot on the ocean in Victoria's tony Oak Bay neighbourhood -- and its fabulous 110-year-old bones.
"This is a particularly special offering," said listing realtor Andy Stephenson of Sotheby's International Realty in Victoria.
"It's one of the most desirable waterfront locations in Canada on the Pacific Ocean in Oak Bay on a protected pebble cove with views over water to Mount Baker."
1101 Beach Dr. is the only house along this stretch of waterfront that actually has access to the beach and ocean via a path to the pebbly shore.
While the Tudor manor has a total 10,015 square feet over four levels, only the lower floor is completely finished at 1,385 square feet with a bedroom, bathroom, living room, kitchen, dining room, recreation room and laundry room.
The remaining 8,630 square feet still needs flooring and fixtures to be considered 'finished' by Victoria Real Estate Board guidelines.
A design by Zebra Group in Victoria shows how the home at 1101 Beach Dr. can be renovated and finished into a seven-bedroom, six-bathroom showpiece with new kitchen, family room, living room, dining room, two offices, den, decks and balconies.
The work needed to complete the home to that design would be about $1.5 million, depending what flooring and finishings are chosen.
"This is not a distress sale, rather a change of plans," said Stephenson.
"My seller does not want to move forward and finish it, when another person (buyer) may go for a different look, or start fresh, or go for rezoning."
That's right -- someone may buy the home for the $10 million list price and put another $1.5 million into it to complete it.
Or, someone could conceivably shell out $10 million for the property for its spectacular oceanfront location, tear down the existing circa-1913 house and build a modern mansion.
Or, a buyer might buy the 2.25-acre property and get it rezoned and redevelop the plot into something higher-density.
After all, some of 1101 Beach Dr.'s neighbours are higher-density on smaller lots -- the five-storey Oak Bay Beach Hotel, a six-storey condominium complex and seven-and-nine-storey apartment buildings.
"Time will tell who the next owner will be," said Stephenson.
"The house is lovely with some restoration, or a new build or go for rezoning."