Tony Wong – Toronto Star

The world economic order is in chaos. Financial markets are de-leveraging. Europe is sinking in debt.

Conspicuous consumption is out, as the 1% brown-bag their purchases at Hermes.

But not Paul Miklas.

For the Toronto developer, no home is too grand, no backyard cannot be dressed with an infinity pool.

Miklas is putting up his Bridle Path home for sale with its more than 30,000 sq. ft. of living space, for $29.5 million — the highest asking price for a home on the Toronto MLS.

This property makes a statement: It says you are unrepentantly, stinking rich. And you’re not afraid to show it.

Miklas’ current home is already an upgrade from his last pad, an 18,000-sq.-ft. “starter” home across the street, which went for $11.8 million, the highest price in 2009.

Miklas has lived the life of the 0.0001%. And life is good. No, make that really good!

“Look at this view! Just look at this view!” Miklas, in his favourite uniform of open-necked black shirt and jeans is standing on his bedroom balcony, surveying his expansive backyard.

It stretches for more than two acres.

To his right is the indoor pool. There is also an outdoor pool and a tennis gazebo and a putting green.

He steps back in the house. There are six TVs, his and her closets, and his and her washrooms. Don’t forget the wet bar, a kitchenette and balcony! And that’s just the master bedroom.

At 3,000 sq. ft., it is bigger than most Toronto homes.

Miklas gave the Star an exclusive look at the completed mansion, which has taken him six years to finish. And he’s still tweaking it; a tennis court and a gazebo have yet to be built.

There will be debate over whether you think his overblown mansion is gaudy or great.

But you can’t deny Miklas’ enthusiasm.

Few developers can talk as passionately about ice cream as real estate . . . but, then, he could open his own Baskin Robbins in the basement if he chose.

The home features 13 bathrooms. In a house this big, it can be a long walk to the next loo. For those who hate a drafty house, there are nine fireplaces. Naturally, there are eight bedrooms, an eight-car garage and four kitchens. And, of course, the 4,500-sq.-ft. indoor pool room with a bar and massage room.

The mansion had to be specially built to support 8,000 sq. ft. of marble flooring.

The couple travelled to France to historical properties such as the Chateau Vaux le Vicomte, the 17th century estate that was the original inspiration for Versailles.

“We took elements we liked from different chateaus and used those ideas in the house. We designed everything; no detail was too small,” says Miklas.

Inside the garage, gleaming custom white cabinetry and floors that a Michelin-starred chef could cook on make it the most overbuilt car-port in town.

And it seems the rich don’t stop at monogrammed shirts.

Miklas points to a massive walnut door framing one of the washrooms. The circular detail in the middle is designed to incorporate a family crest.

“I guess it really is the throne room,” he says with a grin.

Miklas, 50, has lived in the house for almost two years. He has used it extensively for entertaining. Wife Holly is the former co-chair of the Brazilian Ball, the most exclusive ticket on the Canadian charity circuit.

He put it on the market before it was fully built in 2009 for $23 million. It didn’t sell, so they decided to move in. Since then, the Toronto real estate market has peaked. A comparable buildable lot sold for $7.8 million alone earlier this year in the Bridle Path. And it will cost about $500 per square foot to build a new home, or $5 million for every 10,000 square feet of living space.

By that margin, Miklas feels his home is “good” value. Other experts might argue it is over-valued.

One big change is that conservative Toronto isn’t afraid to show some bling and pay for the best, says Miklas.

“When I first started, people thought I was crazy. No one would buy these statement homes. But I think people are travelling more and seeing what’s out there and rewarding themselves.”

More than one economist has said the real estate market is an unsustainable bubble right now. Luxury properties are the first to feel the impact when the bubble bursts, because they are a purely discretionary purchase.

Miklas is undeterred.

“You wouldn’t believe the kind of wealth there is out there, and Toronto is on the map of every global billionaire,” says Miklas, on another day, over a burger, at his unofficial “office,” the restaurant Joey’s, at nearby Don Mills plaza.

Miklas used to drive by the Bridle Path as a kid and wonder if he would ever live in one of the mansions he passed by.

His dad, a developer, got him started at the family firm in construction, where he eventually built subdivisions in the 905 area before he specialized in the Bridle Path and branched out into condominium development.

He insists everyone can have a “luxury” life. It’s a state of mind, he says.

“It’s not necessarily about having the biggest house. It’s about living life to the fullest.”

Earlier in the day, a call to Miklas reveals he has on the lam, headed out from his mansion, looking for the nearest Dairy Queen. He’s got a banana split in mind. After that, he says, it will be back to the business of building dreams.

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Contact Laurin Jeffrey for more information – 416-388-1960

Laurin Jeffrey is a Toronto Realtor with Century 21 Regal Realty. He did not
write these articles, he just reproduces them here for people who are
interested in Toronto real estate. He does not work for any builders.
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