SOLD... to a newly formed company directed by a person that leads a Canadian network of private secondary colleges for a measly $42 million, that was owned by philanthropists Joseph and Rosalie Segal.

The new numbered company that was incorporated on May 31st lists Peter Chung and its only director.

Peter is also the executive chairman of New Westminster based Primacorp Ventures that has interests in health care, senior's homes and real estate. He also controls the Eminata Group, which operates 5 private post-secondary schools in Canada, including CDI College and Vancouver College of Art and Design. 

The Belmont Avenue home was listed for $58 million and has 5 bedrooms and 12 bathrooms and covers 22,000 square feet.

The buyer had to pay more than $2 million in property transfer tax and would need to pay more than $200,000 a year in property and school taxes.

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