In 1911, Pellatt finally acted on his long-standing dream to build a European-inspired castle as his family home and hired the renowned architect E.J. Lennox to help him turn his vision into a reality. The castle would be called Casa Loma, named after the tract of land on which it was to be built.
The construction of Casa Loma took three years to complete and came with a price tag of $3.5 million, which was a staggering sum of money in the early 20th century. However, the finished product was (and still is) one of the most unique and accomplished pieces of architecture in Canada.
Fortified with towering bulwarks and creative interior details including ornate suites and secret passageways, Casa Loma was widely considered the most luxurious and beautiful private residence in North America at the time of its completion. Pellatt completed its elegance by filling the interior with treasured artistic masterpieces by both Canadian and international artists.
However, Pellatt’s fortunes would soon take a sharp turn for the worse. New legislation ended his monopoly on electricity, and Pellatt’s debts continued to mount as he tried in vain to invest in the expansion of his extensive business holdings.
Pellatt believed that Toronto’s burgeoning urban growth would help him rebuild his fortune, and he set out to develop the land around Casa Loma into an exclusive upper-class neighbourhood.
However, the breakout of the First World War disrupted his plans. Though time would eventually prove Pellatt correct in his belief that Casa Loma would evolve into an affluent neighbourhood, it was too late. In 1924, Pellatt was forced to sell off his most valuable possessions, abandon Casa Loma, and retire to a modest farm in King Township.
William Sparling, a successful architect, then proposed the renovation of Casa Loma into an upscale hotel. Though Sparling’s plan was initially met with success, helping Casa Loma become a Toronto nightlife hotspot during the “Roaring Twenties,” the castle once again lapsed into vacancy when the Great Depression struck.
By that time, however, several subdivisions had sprung up around Casa Loma, including Austin Terrace, Poplar Plains, Russell Hill and Warren Road. Today, these streets are still home to some of the most sought-after luxury residences in the city.