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International buyer purchases most expensive condo in Canada for $28M

A penthouse suite at a Toronto building has just set a record for the most expensive condominium in Canada, selling for $28 million.

However, it wasn't a Canadian who purchased the unit, it was a mystery international buyer.

"The discerning international buyer of the penthouse suite was attracted to all that this landmark project has to offer," said Alan Menkes of Menkes Developments in a statement.

Maybe the buyer thought he or she was getting a deal as it sold for $2 million less than the listing price when the suite first went on sale in September 2008.

The luxury top-floor residence will be more than 9,000 square feet with 12-foot ceilings and have a staff residence. However, the staff residence is actually located in a connected building next door.

The suite, on the 55th floor, also comes with panoramic views of Toronto's skyline, a floor-to-ceiling glass galleria, a 2,500-square-foot master suite, stone fireplace, theatre, wine cellar for 800 bottles and TVs that hide behind vanity mirrors.

"When I designed the West Penthouse, I had a vision of classic elegance," said Brian Gluckstein of Gluckstein Design Planning in a 2008 statement.

"The master bedroom has light streaming in through the corner windows, so I went with light wood floors and white fabrics. This combination gives the room a light, airy feel even on the darkest winter days."

The building is currently under construction at the corner of Bay Street and Yorkville Avenue as part of the new Four Seasons hotel and Residences. The first 20 floors will be for the hotel and the condominium suites will be on top.

This is not the first time an international buyer has scooped up pricey Toronto real estate. Back in February, a home in the Lawrence Park neighbourhood of Toronto sold to an unknown European buyer for $17.5 million.

The Four Season Residences are 85 per cent sold and the developer expects the first occupants to move in and the hotel to open next summer. For those looking to buy a 1,000-square-foot condo, units start at $1.9 million.

(Image from Four Seasons Private Residences Toronto)