It was named by CNN as one of the world’s 15 best luxury ski lodges.

Located in Whistler, The Villa was the only Canadian location to make CNN’s list in 2017.

“In a killer location on the side of Whistler Mountain, The Villa is your archetypal Canadian lodge,” CNN reported.

It's worth a ton of money, and the question is how much is it worth.

For purposes of the 2018 assessment, the property at 3827 Sunridge Drive was valued by a government appraiser at $13.7 million.

That’s the figure representing the sum of $2.2 million for the land, and $11.5 million for the luxury lodge.

Matthew Perkins, an agent for the owners of The Villa, says the assessment is too high.

Perkins filed an appeal with the Property Assessment Appeal Board, and following submissions from the parties, panel chair Bruce Maitland issued a decision dated October 31, 2018.

Citing from the submission of the assessor, Maitlan recalled that the property was listed for sale in 2005 at a price of $17.5 million.

Maitlan went on to note that it was sold in 2007 for $13.2 million, in what he deems as an arms length sale, which is the “best indicator of market value”.

Since the sale, Maitland wrote that the home price index for Whistler properties has risen.

“While these unique high priced ski chalets may not follow the median price for Whistler homes ($900,000 to $1,600,000) since 2007, there is no evidence the market for luxury ski chalets has declined since 2007,” according to the panel chair.

Moreover, Maitland wrote that “if the Property were in good condition in 2017, without needing upgrades, it would be worth at least its original selling price of $13,250,000”.

The panel chair also noted that a recent inspection by indicated the “need for some cosmetic upgrades”.

The Villa is four-level resident with an area of 7,500 square feet, excluding the basement. It has an indoor pool, spa, media room, a three-bay garage, and a 5,000-square-foot stone deck. The lodge has six bedrooms and 7.5 baths.

In his decision, Maitlan wrote that the assessor has recommended adjusting the appraisal to $12.5 million to reflect the cost of cosmetic upgrades needed for The Villa.

Maitland accepted the assessor’s recommended new value.

The adjusted value of $12.5 million is the sum of the land’s valuation, which is unchanged at $2.2 million, and lodge’s new appraisal of almost $10.3 million, for a discount of $1.2 million to "reflect the cost to cure".