VICTORIA — The Opposition New Democrats say British Columbians were "hosed" in a Crown land sale that was snapped up by a Liberal donor at $43 million below the appraised value.
Wesbild Holdings Ltd., founded by businessman Hassan Khosrowshahi, paid $85 million for 14 pieces of property in the Burke Mountain area of Port Coquitlam, just east of Vancouver.
NDP Leader John Horgan says one of the 14 lots was appraised at $5.6 million, but sold for $100,000, a price unheard of in Metro Vancouver's sizzling real estate market.
Horgan says it appears the government also decided to sell the land after less than three months on the market in order to include the $85 million in the government's 2014 budget.
Technology, Innovation and Citizen's Services Minister Amrik Virk says the properties were marketed publicly by Colliers International, and the decision to sell to Wesbild was made on an offer for all 14 properties.
Port Coquitlam New Democrat Mike Farnworth is highly critical of the sale, saying taxpayers were hosed on the price, suggesting homeowners would never sell their houses at such a deep discount in what is considered a hot real estate market.
