Yet again, the most valuable property in Chilliwack according to BC Assessment is one with an interesting back story.
The seven-acre property at 6500 Chadsey Rd. with a 16,543-square-foot home with seven bedrooms and nine bathrooms is valued at $4.735 million, according to BC Assessment. That’s up 10 per cent from $4.31 million a year before when it was also number one on the list of the most valuable.
Along with the adjacent property on Chadsey, the 11-acre compound is surrounded by two layers of 15-foot-high cedar hedging in between which is a chain link fence, above which can be seen no fewer than 32 security cameras.
Some of the mystery about the property was revealed after a Global News report in 2018, which reported the French-style mansion was built by a Chinese gambling VIP allegedly connected to the RCMP’s probe of money laundering at Richmond’s River Rock Casino, itself tied to international drug trafficking.
READ MORE: High security at Chinese VIP gambler’s rural Chilliwack compound
According to the story, the house was built by now Rongxiang “Tiger” Yuan, a man reportedly tied to the Chinese military who owned both a gun shop in the Lower Mainland and an extensive firearms collection.
Inside the 6,530-square-foot finished basement is a collection of vehicles, including numerous Rolls Royce cars, a firetruck, two military jeeps, and several weapons.
The next-door property included in the compound is the former site of the old Chadsey Elementary School, at 6450 Chadsey Rd., and is valued at $1.981 million.
Number two on the top 10 most valuable properties in Chilliwack was also in the same spot last year, a four-acre property with a six-bedroom, eight bathroom, 7,000-square foot house at 43216 South Sumas Rd. valued at $4.4 million, up from $4 million last year.
This property at 43216 South Sumas Rd. was number two on BC Assessment’s list of highest valued properties in Chilliwack for 2023 at $4.4 million. (GoogleMaps)
And number three on the list is a 35-acre property with a large house at the top of Majuba Hill on Karson Road valued at $3.87 million up from $3.671 million.
Property assessments for 2023 are based on valuations as of July 1, 2022, which was when the market was still hot and before sales and prices across B.C. dropped.
“Despite the real estate market peaking last spring and showing signs of cooling down by summer, homes were still selling notably higher around July 1, 2022 compared to the previous year,” BC Assessment assessor Bryan Murao said in a press release.
Top 10 valued properties in Chilliwack for 2022 according to BC Assessment
1. 6500 Chadsey Rd. – $4,735,000
2. 43216 South Sumas Rd. – $4,405,000
3. 3190 Karson Rd. – $3,870,000
4. 47295 Thornton Rd. – $3,770,000
5. 6210 Parsons Rd. – $3,707,000
6. 42273 Keith Wilson Rd. – $3,678,000
7. 50200 Castleman Rd. – $3,642,000
8. 42160 Yale Rd. – $3,609,000
9. 6255 Chadsey Rd. – $3,569,000
10. 7245 Lickman Rd. – $3,463,000
RELATED: OPINION: Chilliwack Realtor’s explanation how property assessment increases do not affect taxes
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