A home in the Collingwood area was set to go on the auction block on Wednesday afternoon but the owners elected to back out of the auction after the opening bids proved to be not to their liking.
The home on Clarendon Road N.W. is listed at $3.88 million and features a gourmet kitchen, wine cellar, home theatre and game room.
The eight qualified bidders had each put down a $100,000 refundable deposit to register for the auction that had no reserve. The current owners of the home exercised their option to end the auction after reviewing the opening bids.
The European-style home continues to be marketed to potential buyers around the world through conventional avenues.
Selling a home by auction is rare in Calgary and it has been almost twenty years since a luxury, detached home was auctioned off in the city. In June of 2000, a Mount Royal home sold at auction for $2 million.
