A foreclosed Burnaby development site near Royal Oak SkyTrain Station has sold for $8.52 million after more than two years in court.

B.C. Supreme Court documents obtained by Connect show the sale of 6605, 6607 and 6665 Royal Oak Ave. was approved Sept. 3 to 1599667 B.C. for $8,520,880.

The 24,683-SF, three-parcel assembly sits about 350 metres from Royal Oak Station and includes two houses and a 19-unit apartment building. Colliers marketed the 0.57-acre property under court order and had previously presented an $8.1-million offer ahead of the hearing.

Mega International Commercial Bank launched foreclosure proceedings in May 2024 over a $15-million mortgage. The court later confirmed more than $16 million owing, underscoring both the lender’s shortfall and the unusually long enforcement and sale process.

Richmond-based iFortune Homes had planned a mixed use residential tower above a retail and rental podium, although the rezoning never reached Burnaby council.

The property now carries greater redevelopment potential under Burnaby’s transit-oriented planning framework. Colliers marketing materials indicated potential for a tower of up to 30 storeys, or as high as 40 storeys through density bonusing.

The $8.52-million sale price is also well below the property’s previous $13-million asking price.