Casa Loma, once a stunning private home is now a one of a kind architectural masterpiece in Canada. Sir Henry Pellatt commissioned 300 men to build his home, which took 3 years to accomplish.
When Sir Henry’s monopoly on street lighting in Toronto was removed by the city itself and his company was getting deeper and deeper into debt, Sir Henry’s insolvency forced him to put on the market his properties to recover some cash. With such splendour and lots of space the house was to become a luxury hotel. Remodelling took place to change 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.
A few years after the collapse of the hotel, the Kiwanis Club talked to the City and was given a license to turn it into a museum centred round the original owner and Toronto itself. Thirty thousand visitors a year come to see this extremely popular attraction, which shows that the Club had the right idea. Unusually, the venue is financially self sustaining and even contributes to the municipal budget in the form of fees and taxes.
Despite the evident success of the Kiwanis Club at turning the place into a useful and popular venue, City Council recently decided to regain the management of the property and devise a new long-term strategy. It’s likely that the house will be placed on the market and sold off to an interested financier. It is feasible to suggest that it is unlikely just one investor would be interested in such a property, so it is believed that the council may decide to break it up into condos.
A modern and spacious building, the Casa Loma would make homely apartments for those on the lookout for luxury and elegance. The Forest Hill neighbourhood is across the road and with easy access into the city, Casa Loma has everything people need.
With the state of the castle, beautiful surroundings and the advantage of city life, then Casa Loma is going to be a sort after place to live. And with the recent sale of the $28m most expensive condominium in Toronto, it seems that the demand for luxurious residences is rather strong.
Some people may like the thought of the opportunity to buy a slice of this history, but not everyone; many of the public are used to the fact that the museum is a reminder of history and is an attraction they can visit. They believe that the monetary value to the council if it is sold should not be part of the equation, that the historical value of the attraction as well as cultural heritage is more important.