The largest privately held property, Kenauk in Canada, and known as one of the few paradises on earth, has hit the open listing market with a solid asking price of $79 million. The 65,000 acre property is located in Montebello, Quebec and is an excellent investment opportunity.
According to the Wall Street Journal, the listing is held jointly by Sotheby's International and Jones Lang Lasalle. The estate has 13 fully equipped chalets (wooden cabins) and 70 private lakes. The cabins range from 4000 square feet to 200 square feet and are scattered over prime locations in the gated property. A private marina and a large lake offers 28 miles of waterfront area. The lake also has five islands. A 9 mile river also runs through the estate. The resort provides activities like fishing and hunting for its clients as well.
The property was held by the Catholic Church until it was transferred to a notable politician, Joseph Papineau, who in turn sold it to his oldest son in 1817. It was then converted into an elite club and a luxury resort was built on the adjacent property in 1930. The property was then purchased by the Canadian Pacific Hotels in 1999 and merged with Fairmont Hotels.
The hotel chain sold the resort to the Ontario Municipal Employees Retirement System (OMERS), a private pension fund in 2006.
The Kenauk property is the largest of its kind on the Eastern seaboard of North America. Check out photos of the estate here.
Currently, the real estate scenario in Canada is showing mixed results. Home buying activity in the country was very high in the past year. With tightening government rules, the market seems to have slowed down a little. However, in a recent report of the Canada Real Estate Association, it was revealed that property sales in December showed very little changes after slumping for the past few months.
With the improving real estate economy, luxury property trading seems to be a growing investment opportunity for businessmen. Investors' confidence is improving in the luxury asset market and the number of purchases is set to increase in the coming months of 2013.
