Billionaire and Lululemon Athletica founder Chip Wilson has won a legal challenge to lower the assessed value of his Vancouver waterfront mansion by more than $18 million.
The B.C. Property Assessment Appeal Board ordered BC Assessment to reduce the 2025 value of Wilson's Point Grey Road home to $64.4 million from nearly $82.7 million.
Wilson argued the original assessment relied too heavily on construction costs rather than what a buyer would pay in the open market. The board agreed, noting market behavior, including price point sensitivity, cannot be ignored.
The 15,700-square-foot property sits on 57 meters of waterfront and includes an outdoor pool, hot tub, tennis court, and rooftop patio.
With the adjustment, a home on Vancouver's Belmont Avenue now becomes the most expensive in B.C., valued at over $69.8 million.