Nelson Skalbania sued over sale of $13.4-million Point Grey home
Credit to Author: Keith Fraser| Date: Wed, 12 Feb 2020 00:42:13 +0000
A high-profile Vancouver businessman is being sued over the sale of his $13.4-million home on Point Grey Road.
On Nov. 25, Nelson Skalbania entered into an agreement to sell his home at 3585 Point Grey Road to Paramjit Singh Walia, a Richmond businessman, according to a lawsuit filed by Walia in B.C. Supreme Court.
In his lawsuit, Walia says that Skalbania’s real estate agent described the waterfront home as a “breathtaking one-of-a-kind property located on the most prestigious street of Vancouver. The Golden Mile.”
Skalbania’s real estate agent also advertised that he would consider a vendor-take-back mortgage of up to $8 million as a first charge against the lands, says the lawsuit.
A vendor-take-back mortgage is a mortgage in which the seller of the home extends a loan to the buyer to secure the sale of the property.
Walia says he agreed to buy the home for $13.4 million, with the contract calling for Skalbania to take back a first mortgage on the property, the form of which was to be provided to Walia on or before Jan. 15 and approved by him on or before Jan. 31.
He says he paid a deposit of $600,000 as part of the purchase price, and upon satisfaction of the contract, the deposit was released to Skalbania.
The plaintiff says he wanted to buy the property and entered into the deal because the land is “unique” and has “special characteristics.”
Those unique qualities include a waterfront property with “panoramic views” of the ocean, mountains and downtown Vancouver, and “spectacular” craftsmanship throughout the property.
“At all material times, the plaintiff has been ready, willing and able to complete the sale and purchase of the lands in accordance with the purchase contract,” says the lawsuit.
“The defendant repudiated the purchase contract by among other things, failing to provide the form of a first mortgage to the plaintiff on or before Jan. 15, 2020, and therefore has failed to complete the sale and purchase of the lands in accordance with the purchase contract.”
The plaintiff is seeking completion of the contract or, in the alternative, damages in lieu of completion, or damages for breach of contract. Craig Dennis, a lawyer for Walia, said he couldn’t say much beyond what is outlined in the lawsuit.
No response has yet been filed to the lawsuit, which contains allegations that have not been tested in court.
Skalbania, a flamboyant businessman who made millions flipping real estate in the 1970s before his highly leveraged business world collapsed, and is remembered as the man who signed Wayne Gretzky to his first professional hockey contract, could not be reached.