06/04/2013 03:35 EDT | Updated 06/04/2013 03:44 EDT

Dave Ritchie's Edmonton Condo To Be Auctioned By Ritchie Bros. Auctioneers (PHOTOS)

During a normal day, Ritchie Bros. Auctioneers may auction aircraft and rail equipment, trucks or tractors.

But next week, something really extravagant will be on the list along with other items.

It seems fitting that when Dave Ritchie, co-founder of Ritchie Bros., decided to sell his Edmonton condo, he chose to auction it. And if past history is anything to go by, someone may get the luxurious, multi-million-dollar downtown property for a steal.

The last time Ritchie auctioned something he owned, he sold his luxury yacht for $46.6 million US, a yacht which he reportedly bought for $90 million, the Edmonton Journal reports.

The yacht, named Apoise, accommodates 31 people, has six decks, a Jacuzzi, sports bar, theater and gym.

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Photo gallery LOOK: Expensive Edmonton Condo Being Auctioned See Gallery

“Dave is again demonstrating his commitment to the unreserved auction method by selling his luxury condo at our upcoming Edmonton auction,” said Brian Glenn, Vice President, Sales, Ritchie Bros. Auctioneers.

The yacht sold in 15 minutes at megayacht auction at a the Ritz-Carlton Hotel in Cayman Islands with bids starting at 20 million euros.

Ritchie however was pleased with the outcome.

"At the end of the day, I received fair market value for the Apoise. It didn't take me two years to sell the Apoise, and I didn't incur the significant carrying costs over that time," he said.

Ritchie's 4,500 sq ft Edmonton property is located on the 20th floor, has three bedrooms, a solarium and outdoor patio on the 22nd floor, private wine storage and a three-car garage.

The 2012 tax assessment on the property is $2.4 million, the Edmonton Journal reports.

The condo will sell in the midst of a two-day heavy equipment auction in Edmonton on June 12 and 13, an event that will feature 3,450 items in total.

The condo will be sold around 2 p.m. on June 13 to the highest bidder, regardless of price.

Potential buyers can bid at the event, online or by placing proxy bids in person or the phone.