Spectacular estate bungalow in the sought-after community of Rainbow Falls just minutes from Lake Chestermere. This home boasts FIVE bedrooms, a WALKOUT basement, a LARGE PIE LOT with south facing backyard and a WET BAR or second kitchen in the basement, ideal for large multi-generational families, investors or families with teenagers. Front porch preludes the open concept main floor. Den with double french doors allowing for privacy leads to the kitchen which sits adjacent to the dining room and overlooks the living room. The kitchen showcases quartz countertops, tiled backsplash, stainless steel appliances, elegant shaker cabinets, an island and raised eating bar. Family room is accented by a tile-trimmed gas fireplace and offers a patio door leading out onto the sunny south-facing deck. Front-to-back vaulted ceilings and gleaming hardwood floors are highlights of this amazing main floor. The spacious primary bedroom is complemented by a spa-like ensuite bathroom with dual sinks, soaker tub, oversized step-in shower and a walk-in closet. The main floor is completed by a second bedroom, four-piece main bathroom and the first of two laundry rooms. The fully finished walkout basement (separate entrance) offers a large family room with a second gas fireplace, three spacious bedrooms, a second laundry area and wet bar or second kitchen with a full-sized fridge, microwave, sink and dishwasher. The walkout leads to a private covered rear patio the ultimate location to entertain or relax. Double front attached garage. A stunning expansive rare property in an amazing location just steps from schools, parks and amenities and only minutes from Lake Chestermere, view it today.