Casa Loma, once a stunning private castle is now a one of a kind architectural masterpiece in Canada. It took 300 workers three years to construct Casa Loma for Sir Henry Pellatt.
Unluckily, Sir Henry had to sell his properties including Casa Loma when his company fell into debt, after his street lighting permit was withdrawn by the city. With such opulence and lots of space the property was to become a luxury hotel. Renovations took place to alter the property for its new use, but the hotel never really achieved the desired turnover and the entire project failed after a mere four years.
Many years later the property was turned into a museum by the Kiwanis Club, the museum showed the life of Sir Henry and how Toronto was when he lived. Over 70 years later the house is still a well-known attraction for the 30,000 visitors that turn up at the doors each year. The museum pays fees and taxes to the municipal budget and is self sufficient, which means it doesn’t take funds from the budget like many visitor attractions have to do.
But that may all be over, it has been said that the City Council want to take back the property and put into place a different long-term strategy. It’s likely that the property will be placed on the GTA real estate market and sold off to an interested investor. It is feasible to suggest that it is unlikely just one investor would be interested in such a property, so it is thought that the council may decide to break it up into units.
A modern and spacious building, the Casa Loma would make suitable units for those on the lookout for luxury and grandeur. The castle is not far out of the city, actually it is opposite the Forest Hill neighbourhood, so it has the benefits of easy access to city life.
So it is going to be understandable if these units are purchased quickly as the district is going to be quite fashionable. The property market is showing us that luxury homes is extremely sort after, especially as the most expensive condominium in Toronto has just been sold at a staggering $28m.
On the other side of the coin are the public who have gotten used to Casa Loma being a tourist spot and a publicly accessible reminder of the industrial revolution in Canada. Protests against the change of use congregate around the tourist industry and the historical and cultural value, not how much money the council could make out of it.
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