P.E.I. home sells for $4.7M

It went for $3 million less than its original asking price, but a mansion on P.E.I. is now officially off the market.

The six-bedroom, eight-bathroom home which features a whale watching tower sold on Friday for a little under $4.7 million. In 2009, it was listed for $7.75 million and had the distinction of being the only home on P.E.I. listed through Sotheby's in New York.

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The 13,500-square-foot home is located on 4.5 hectares of land in West Cable Head on the Island's north shore.

"It's the most expensive residential sale on the Island to the best of my knowledge, based on residential MLS data," said real-estate agentMichael Poczynek, who sold the house.

"I mean, if you search for anything in P.E.I. above a million dollars, they're few and far between, you could count them on one hand."

Poczynek said it's not uncommon for multi-million-dollar homes to take years to sell. The Cable Head home was listed at $4,750,000 when it finally sold.

"If it doesn't sell sell, it's either marketing or price," he said. "So if the marketing is in place, the price has to come down."

Poczynek said though the seller took a loss, he was happy to have it sold.

The buyer, he said, is a North American businessman who already has property on the Island. He said the new owner will be living at times in the house, but in the off-season will be renting it weekly and monthly.

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