Hells Angels’ Former Clubhouse Sells Over Asking

//Hells Angels’ Former Clubhouse Sells Over Asking

Hells Angels’ Former Clubhouse Sells Over Asking

The former Hells Angels clubhouse located at 498 Eastern Avenue was reported as sold over asking on January 8, 2016. It was listed for $649,900. It’s rumoured that there were multiple offers on the property that was being sold for “land value only”. The property was sold by the Federal Government who raided and took possession of it in 2007 under proceeds-of-crime legislation. While listed on the Multiple Listing Service, the seller requested that potential buyers not walk the property and for showings (if need be) to be upon presentation of an offer. A highly irregular method of selling real estate in Leslieville.

According to an article in the Globe And Mail , the inside of the building contained a meeting room and a bar on each of two floors as well as an aquarium.

This detached, 2 storey building sits on a 30 x 120 foot lot which is a relatively large size compared to the majority of surrounding properties. The cinderblock “bunker style” building was somewhat of a landmark in Leslieville for a number of years and the sale price has inevitably sparked conversations debating its value as well as an article written by blog TO with the Facebook caption “The latest sign we’re in a real estate bubble?”.

Based on sales reported to the Toronto Real Estate Board in 2015, the average sale price of a detached property in E01 was $952,906 (District where 498 Eastern Ave is located). Granted, this is not your average property, but the moral of the story is that property is clearly in high demand in this popular neighbourhood.

What will the future hold for 498 Eastern Avenue? Well, there has been speculation of condos and suggestions that it should be turned in to a bar that would play off of the history of what once was… We can continue to speculate but only time will tell what the future holds for this former Hells Angels clubhouse.