When you think of Toronto's most expensive neighbourhoods, Rosedale and the Bridle Path immediately come to mind, but Teddington Park should always be a part of the conversation given some of the palaces found around here.

Take this old Tudor mansion at 177 Teddington Park, which just went for $7.42 million. It's the type of place that screams "establishment Toronto" with its sprawling square footage, wood paneling, and general stateliness.

If you include the basement, this house has around 10,000 square feet of space. the layout is perhaps a bit quirky at times (e.g. the kitchen), but I'd say that adds character more than it detracts from the home.

You could make the argument that the decor is a tad dated, but that would miss the point of why someone would spend $7+ million on a house like this. The whole idea is to acquire something that shows off its pedigree.

This is a place to host luxurious cocktail parties by the pool, before guests retire to the living room for a dose of brandy. It's elegant, established, and completely out of reach for the vast majority of us.

The Essentials

• Address: 177 Teddington Park Ave.
• Type: Detached house
• Bedrooms: 6
• Bathrooms: 7
• Lot size: 105 x 161 feet
• Realtor: Barry Cohen, Remax
• Hit the market at: $7,750,000
• Sold for: $7,420,000

Why it sold for what it did

Location, location, location. Teddington Park is one of Toronto's most desirable streets, and this house is one of its gems.

Was it worth it?

It went for just under the listing price, so I'd imagine everyone felt good about this sale. Seven and a half million is what you need to cough up to own a mansion in this high end neighbourhood.