ALBERTA

Edmonton Luxury Home To Hit Auction With No Reserve

06/23/2015 02:37 EDT | Updated 06/24/2015 01:59 EDT

A $3.8 million Edmonton luxury home will go to auction this Thursday, and for the first time in city history it will not have a reserve price attached to it.

This means that the highest bidder, regardless of how low their offer, will walk away with the 6,070 sq.-ft. home — a move that one real estate agent says is a bit of a gamble.

"To go unreserved is a tremendous risk," Marcel Tessier, owner associate with Remax Elite, told Global News. "I’m sure that the seller has butterflies everyday just wondering what’s going to happen."

Located in Edmonton’s gated community of River Heights, the home features four bedrooms, six bathrooms, six fireplaces and a wood panelled elevator. There's also a parkade for up to six vehicles.

According to The Edmonton Journal, the home's architecture and design was inspired by both mountain homes and southern architecture.

"It’s a one-of-a-kind property in one of the most spectacular locations in Edmonton," Tessier told The Journal, the listing agent for the property. "It has a quality of workmanship and detail that you don’t really see that often."

Complementing the home are stunning panoramic views of the North Saskatchewan River and Terwillegar Park.

Tessier told Global about 220 people have viewed the home over the past five weeks, with about eight to 10 serious buyers.

The auction takes place Thursday evening. Interested bidders must pre-register for the auction at least 24 hours in advance.

Check out how much home is up for auction:

Edmonton Luxury Home For Auction

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