Stéphan Huot luxury house sold at half price

The spectacular Quebec home of bankrupt real estate developer Stéphan Huot has sold for less than half the original asking price.

The Lebourgneuf d’Huot property finally found a buyer on October 16 for $2.2 million, according to the notarized documents consulted. The sale comes four years after Huot’s first attempt to sell it. The buyer is Frédéric Abbattiello, one of the five co-owners of the Abbatiello Group, owner of the Pizza Salvatore banner.

The broker responsible for the sale, Pierre-Olivier Vear, indicated to our Audit Bureau that the last posted sale price was $2.795 million, a far cry from the original posted price of $4.7 million.

In 2023, after Huot’s financial problems, the property was put up for sale again for nearly $3.7 million, without success.

“It is certainly a house that has received a lot of attention from the media, but it has remained a large house on a very beautiful site. […] with a lot of potential,” said the broker.

According to the sales page, the house has three garages, a swimming pool, an elevator, six bedrooms, three bathrooms as well as a separate living area.

The broker explains the long delay before the sale because the initial sale price was not reasonable.

Fair market value

This price was set with the aim of paying back all the mortgages on the property, he said: “As we got closer to fair market value, things started to go well. »

In 2017, businessman Michel Cadrin registered a second mortgage on the house for $1 million, through one of his companies.

In an interview, the trustee in the file, Stéphan Leblond, indicated that all the proceeds from the sale would go to the first mortgage of the house, the Royal Bank of Canada, as it is currently mortgaged at higher than its merchant value. . .

“Mr. Huot’s ordinary creditors, he said, will not get any money back from the sale of this house.

Huot’s Quebec property is not his only real estate asset to find a buyer at a much lower price than originally asked.

The Huot Lighthouse in Miami has finally found a buyer after nearly a year on the real estate market. The luxury four-bedroom sea view apartment was sold for almost half the price, or US$3.85 million, of its original price (US$6.9 million).