Two-year-old Toronto mansion for sale at $10M after failed attempt to sell it for $20M

Even in one of Toronto's most exclusive neighbourhoods, not every luxury home finds its match right away — and 505 Russell Hill Rd. is proof of that.

This newly built limestone mansion in Forest Hill first hit the market with a jaw-dropping $19,699,888 price tag.

But after three separate listings and no sale, it's now back again — this time under a power of sale — for $10,289,000.

The front entrance. 

That's a massive price drop of nearly $10 million for a home that was just completed in 2023.

The main floor. 

The two-storey custom build sits on a prominent corner lot and offers more than 9,100 square feet of living space and all the bells and whistles of your typical mega-mansion. 

The open-concept main floor. 

The main floor has an open-concept, mausoleum-like feel to it, but thankfully features heated flooring throughout, which is needed since everything is tile.

The kitchen. 

There are floor-to-ceiling windows, a kitchen with top-of-the-line appliances, and even a second fry kitchen tucked away for serious entertaining.

A bedroom with a roughed-in fireplace. 

Upstairs, you'll find four oversized bedrooms, each with its own ensuite. 

The primary ensuite bathroom. 

The primary suite comes with a spa-style bathroom and a walk-in closet big enough to live in.

The dining room has a gas fireplace. 

And yes, there's an elevator that services all levels — a feature that feels right at home in a property this grand.

A bedroom. 

Downstairs, the lower level has the potential to be its own resort with a 45-foot bar and nanny suite, rough-ins for an indoor pool, hot tub, a theatre room and additional bathroom.

The family room. 

Despite all that glitz, the listing comes with a big caveat: this is a power of sale, which means the lender has taken possession and is selling it as is.

An ensuite bathroom. 

It's an unusual turn for a home in Forest Hill — and after three failed attempts to sell at a higher price point, it does make you wonder what's really going on here.

Floor-to-ceiling windows on the main floor. 

Perhaps there's something deeper at play behind the scenes, or maybe it's just another casualty of Toronto's turbulent real estate market.

Textured walls add architectural detail. 

blogTO reached out to the listing agent for comment, but hadn't received a response at the time of publication.

The side of the house. 

Whatever the case, it's not every day you see a $19 million Forest Hill mansion going for nearly half off — and that alone is sure to turn a few heads.