Developer Milan Ilich is attempting to notch a new entry in Vancouver's ultra high-end real estate market by listing his and his wife Maureen's equestrian estate property, known as Ivy Manor, for $24 million.

The property, which realtor Jamie MacDougal plans to have on the Multiple Listing Service by the end of the week, comprises a 22,000-square-foot country manor-style home set on 20 acres, half of which is landscaped into a lavishly manicured English garden, and half that has been groomed for equestrian use.

An immaculate barn with stalls for five horses is one of the buildings located on the property, situated past the Steveston Highway at the bucolic end of No. 3 Road in Richmond.

The $24-million price tag is not too far off the $28.2-million Metro Vancouver record for a residential real estate sale set in January with the sale of 3330 Radcliffe Ave., a waterfront mansion in West Vancouver.

The Iliches built Ivy Manor over three years, moving in in 1991.

Besides the equestrian grounds, the house is built to suit other family pursuits such as the two-lane, five-pin bowling alley located above a six-car garage, a sprawling games and media room and a south-facing terrace and swimming pool surrounded by an immaculate garden.

In an interview, MacDougal said the Iliches decided they wanted to move to a single-level home -- "a rancher," also located in Richmond.

They are listing the Ivy with Sotheby's International Realty Canada. While the Ivy's 2008 property tax assessment came in at just under $9.8 million, MacDougal, who is with the Vancouver office of Sotheby's International Ltd., said the asking price was set based on the market, which isn't just Metro Vancouver for a property like this.

"You use other [comparable] properties as much as possible," he added, "and you come up with a number that is based on the lifestyle, the demand and the supply of these properties."

For the size of the estate and quality of craftsmanship in Ivy Manor, from the grand entrance that soars above a spiral staircase to the master suite that boasts his-and-hers walk-in closets, the price is "bang on" compared with other properties in the same range.

"What differentiates [Ivy Manor] from a lot of other big listings in Vancouver is the space," he added. "There's 20 acres, and [it has] that feeling of open space."

MacDougal said Sotheby's didn't just look at comparable properties in B.C., but across Canada and sales within its 420-office network that spans the globe.

A $24-million price wouldn't be out of the question for an estate property the size of Ivy Manor, according to Malcolm Hasman, one of Vancouver's leading realtors in the luxury market.

Hasman, who is with Angell & Hasman Associates in West Vancouver, wasn't yet aware of this specific listing, but noted "there are so few large estate properties for sale in the Lower Mainland, it would not surprise me if an out-of-country buyer purchased it."

While Vancouver's overall real estate market is slowing down, the upper echelon he operates in, and where the Ivy Manor is situated, remains brisk, Hasman added.

"There's no question the real estate market is going through a change," he said, with sales slowing and prices "set too high at unrealistic levels" being readjusted.

However, he still sees significant numbers of high-net-worth buyers being drawn to Vancouver, many of them from Mainland China.

"They still see incredible value in [Vancouver] properties at current prices compared to other cities in North America," Hasman explained.

Currently, there are 65 homes in B.C. listed at prices above $7.5 million, the most expensive a $29-million waterfront mansion in Oak Bay near Victoria.

Just in the last week, Hasman said, Vancouver has seen two sales in the $10-million-or-over range.

MacDougal said he expects it will take about a month to properly expose Ivy Manor to the market and get better feedback on where potential buyers lie.

However, he expects it will be someone in the equestrian set, perhaps from the United Kingdom.

"I would not discount the local market as well," he added. "There is a [local] market for this type of property."

© The Vancouver Sun 2008