Riverdale mansion up for sale for $1

Photo: Century 21

It's hard to buy much for a dollar these days — a piece of fruit, parking for a half-hour or about 70 American cents. That's why it's hard to imagine a 130-year-old heritage mansion on Pape Ave. is currently on the market for $1. 

Yea, you read that right.

The 25,000 square-foot Riverdale home recently went up for sale for just a loonie, a price that's heavily juxtaposed among its million-dollar neighbours. 

“We’re just putting it out there and seeing what potential it has,” real estate agent Matthew Pringle told Metro News. “There’s no point putting a certain number on it because for some people it will be overpriced and for some it will be a steal.”

Originally built in the 1880s, the house was bought by the Salvation Army in 1930 and used as a residence for single mothers. In 2010, the building received heritage designation and the city mulled over the idea of buying it to convert into affordable housing. That plan never took shape, and the Salvation Army sold the building privately for $1.7 million in 2011.

It's a fixer-upper, to be sure, and could use some serious spit and polish — in the way of gutting, overhaul and facelift — to bring it back to life. But it goes without saying that the place will sell in the millions over its cute $1 asking price.

Overpriced dump or a steal with opportunity? Either way, clever publicity for this one-of-a-kind house.