Moroccan billionaire Othman Benjelloun, one of Africa’s wealthiest businessmen, has sold his vast estate in Quebec for CAD14.5 million (USD 10.5 million), Canadian media reported.
Located in a rural community, the 500-hectare property features a 19,000-square-foot mansion with 15 bedrooms, 13 bathrooms, and three stone fireplaces. The estate also includes several outbuildings, a boathouse, and a residence for staff, all overlooking Lake Moffat.
The property was owned through O Capital Investissements Verts, a subsidiary of Global Strategic Holdings Sarl, a Luxembourg-based investment firm controlled by Benjelloun. He is the chairman and CEO of Bank of Africa, a multinational financial group operating in 32 countries with over 14,000 employees and 6.6 million clients.
Benjelloun originally purchased the property in 2009 for CAD 9.5 million from a Montreal-based company. Sixteen years later, it was sold for CAD 14.54 million to Domaine du Lac Moffat, a new company based in Saint-Bernard, Quebec, owned by developers Marc Vallières and Dany Morency.
Morency, a well-known real estate developer in the Quebec region, reportedly plans to transform the estate into a residential development of about 400 lots.
The final sale price represents a 53% increase from the original purchase price and is nearly double the property’s municipal valuation of CAD 8.15 million. According to official records, the buyers also paid CAD 216,000 in land transfer taxes to the municipality of Lingwick.
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