TORONTO – Conrad Black says he has reached a settlement with the Canada Revenue Agency after it placed liens on his Toronto home due to claims that he owes $15 million in unpaid taxes.
“It has been resolved to the shared satisfaction of the parties involved, and I will have no further comment on it,” the former media baron said in an email Tuesday.
Black had originally asked for an emergency hearing with the Federal Court, arguing that the tax liens, which were placed on his mansion last month, were stalling the sale of his property. He withdrew that request late Monday.
In May, the CRA placed two liens against the estate, alleging that Black owes in excess of $15 million in taxes from 2002, 2003 and 2008.
Black said in the email that he considered the matter private and will not be discussing it further through the media.
His lawyer, David Nathanson, said he was not at liberty to discuss the terms of the settlement.
Black had agreed in March to sell the nine-bedroom, 11-bathroom home in Toronto’s ritzy Bridle Path neighbourhood to multimillionaire businessman Harold Peerenboom for $14 million.
One of the conditions of the sale would permit Black and his wife Barbara Amiel-Black to continue living in the home by paying rent as part of a lease-back deal.
In court documents, Black said Peerenboom wanted the sale to close by this Thursday or he would not purchase the 23,000-square-foot property.
Black said in the court documents that he was willing to agree to a number of conditions if the sale were to go ahead, including putting the proceeds in a trust account pending the outcome of the tax dispute.
The CRA was not immediately available for comment.
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