Sherman family looking to tear down North York home

The home has been vacant for more than a year.

The mansion on Old Colony Road near Bayview and the 401, used to house Barry and Honey Sherman.

But the couple was found dead in the home back in December of 2017.

Since then, all attempts to sell the property have failed, claiming bad memories and a stigma attached to the structure. Now, the family is asking North York Community Council if they can tear it down.

They've applied for a demolition permit.

Council will decide later this month whether or not to let that happen.

But from a real estate perspective, this is not shocking.

"This is very common when you have a tragic death or a murder. Many times the property won't sell and people will have to tear the place down and start over again." says Todd C Slater, the host of Simply Real Estate on NEWSTALK 1010.

The property though, is not worthless.

The lot itself, even without the building, could be worth as much as $2.5 million, because of the area where it's located.

"If you're going to build a quality property, you can be anywhere from three to five hundred dollars a square foot." says Slater.

That means there is the chance for a developer to swoop in, and potentially make some money here.

"It's not a bad business proposition."