Assessment appeal cuts $18M from Chip Wilson's Kits mansion
Property Assessment Appeal Board valued lululemon founder's Point Grey waterfront home at $64.4M, down from $82.7M assessment.
An independent B.C. assessment appeal board has reduced the assessed value of lululemon founder Chip Wilson's waterfront mansion in Kitsilano by more than $18 million.
The Property Assessment Appeal Board determined that the residence at 3085 Point Grey Road had a market value of $64.39 million as of July 1, 2024—significantly below BC Assessment's established assessed value of $82.66 million. The ruling reduces the 2025 assessment roll by $18.27 million, or roughly 22 per cent.
The property sits on Vancouver's so-called "Golden Mile" with 30,573 square feet of waterfront lot and 187 feet of frontage along Burrard Inlet. The 2013-built mansion spans 15,694 square feet over two storeys and basement, featuring seven bedrooms, nine bathrooms, a swimming pool, hot tub, tennis court, and rooftop patio. It took about five years to build, with construction beginning in 2008.
The appeal highlighted a vast gap between competing valuations. Wilson's representatives argued the property was worth only $55 million, while BC Assessment sought confirmation of the full $82.66-million assessment. The appeal board landed between those positions.
The ruling leaves the land value unchanged at $50.07 million but slashes the value of the structure and site improvements from $32.6 million to $14.33 million—a reduction of more than 56 per cent. The board's decision can impact market sale price and annual property taxes paid.
The property remains hard to miss on Point Grey Road, visually distinct for its extensive frontage and greenery.