Vancouver mansion sells for more than $51M

A Vancouver mansion sold for more than $51 million last December, legal documents reveal.

The housein the prestigious Point Grey neighbourhoodsits on an unusually large property for the city, at 1.09 hectares.

The legal documents show the property is actually three lots folded into one.

The25,000-square-foot housefeatures waterfalls, a grass tennis court, 10-car underground garage, movie theatre and a separate guest house.

It was sold by Vancouver entrepreneur Don Mattrick, CEO of social gaming company Zyngaand former Electronic Arts executive.

Chinese businessman Mailin Chen bought the home, according to the documents.

"I love Vancouver. It's a very beautiful city," Chen told CBC News. "They have the best education for kids."

The listing was not widely advertisedor included on theMultipleListing Service.

Real estate agent Malcolm Hasman confirmedthe property was listed on his website last year, but would not confirm any details about the sale.

In a city where 39 houses over $5million have sold so far this year, there is concern that buyers from mainland China who can afford to pay top dollar are pushing up real estate prices.

"For people who have homes to sell, which is their retirement fund, it is a good thing," says developerMichaelGeller, "but for everybody else, Idon'tthink it's a good thing,becausethe ratio between the price of housing and what people earn has got out ofwhack."

"We run into bidding wars in commercial real estate as they become available ...introduce the foreign element and it just swings the meter even further," says KirkKuester, executive managing director of Colliers's Vancouver Brokerage operations.