A sprawling mansion in Toronto's prestigious St. Andrews-Windfields neighbourhood seems like it could currently be the cheapest home for sale in the city.

Located at 15 Old Colony Road, the home is listed for just $1.

The sales tactic is often used to incite a bidding war - the last time the home was up for sale, in August of 2021, it was also priced as such, although no buyer materialized.

The latest listing notes that the existing home could be torn down to make way for 10 luxury townhouses, or one single, more modern home. Preliminary architectural drawings by Richard Wengle are available.

The current cottage-like abode is situated on a deep, private lot behind a row of trees.

Hardwood floors and crown mouldings can be found throughout the stately home.

Situated off the grand foyer, the living room features a marble fireplace and large windows that overlook the front gardens.

With stunning wainscotting and built-in bookshelves, the light-filled library could function as a home office.

The kitchen features stainless steel appliances, marble countertops, and a centre island.

There's a breakfast area that walks out to the private, cottage-like backyard.

Hardwood floors and a large window are featured in the formal dining room.
The oversized family room features a stone fireplace and built-in bookshelves. A set of sliding doors lead to the spacious pool room.Beneath barn-like ceilings, the indoor pool is accompanied by a sauna, change room, and wet bar with a barbeque.The space is encircled in glass and looks out onto the backyard.

There are four-plus-one bedrooms and six bathrooms throughout the home.

The elegant master bedroom features a six-piece marble ensuite and a walk-in closet.

A rec room with a massive stone fireplace can be found in the basement.

Despite the miniscule price tag accompanying the home, the average value of a four-bedroom property in the area is over $6,565,000, meaning that 15 Old Colony Road will likely sell far over asking.

Check out the full listing here.