One of Toronto's most exclusive properties has slid in price, part of a city-wide trend of declines as buyers step back from the real estate market on the back of several successive interest rate hikes by the Bank of Canada in 2022.

This is even the case in the ultra-luxe Bridle Path and its surrounding neighbourhoods, where some of the country's most lavish properties sit idle, awaiting very wealthy purchasers.

One area home at 45 Bayview Ridge — just northwest of the sought-after Bridle Path — could be yours for $23,880,000, which, despite the sky-high sticker price, is actually a bargain compared to the property's previous list price of $24.5 million in early 2022.

Described by Sotheby's Realty as "arguably one of the most iconic estates in Toronto," the listing states that "this French-style chateau sits on a sprawling 3.119 acre, double lot in the prestigious enclave of Bayview Ridge."

Built in 2001, the mansion's design by architect Gordon Ridgely takes inspiration from French country estates, with a prominent turret and limestone exterior.

The over 15,000 square-foot, 21-room home offers a staggering six (plus two spare) bedrooms, ten bathrooms, and seven fireplaces, all boasting finishes worthy of the ludicrously expensive price.

Traditional decor gives the home an old-world feel, while ample window coverage keeps spaces like the living room feeling bright and airy.

A wood-panelled library and entertainment room feature intricate details like coffered ceilings and crown mouldings.

Located at the base of the property's distinctive turret, the attached home office is like a miniature rendition of the White House's famous Oval Office, also featuring intricate wood finishes.

A dining room features a unique wood beam-inspired ceiling and is surrounded by arched double doors walking out to a patio.

There are examples of real antique wooden beams incorporated into the design.

An open-concept kitchen offers modern appliances integrated into a traditional feel, complete with an island and bar seating.

Of the total eight bedrooms, the primary bedroom is an obvious gem. 

It comes with a resort-style ensuite bathroom featuring a grand skylight.

You can really soak in the French lifestyle with a Bordeaux-inspired wine cellar and a tasting/cigar room.

It's the private spa-inspired amenities that make this home a true palace, though, like its two swimming pools, one of which occupies a gorgeous glass-enclosed sunroom.

Any future purchaser of this estate will be able to cancel their gym membership thanks to the home's built-in gym and sauna.

The grounds also feature a tennis court and reflecting pool, all adding to the executive-class lifestyle offered for whoever can fork over the asking price.

You can check out more photos of this impressive property by visiting the listing.