08/28/2014 06:12 EDT | Updated 05/15/2015 05:59 EDT

Pender Island House Auctioned Off For B.C. Cancer Foundation

Luxury Auction House

A donated waterfront house was sold at an auction for half of its $1.4-million listing price, but all proceeds went to the B.C. Cancer Foundation.

The modern 2,662 sq.-ft. North Pender Island home, with unobstructed views of the Georgia Strait, was built by entrepreneur Robert Conconi and his wife Diane. After Conconi was treated for throat cancer, the couple decided to donate the house and its 4.38-acre property to the foundation.

The organization chose an unusual route of auctioning the house, which was built in 2012.

"With current market conditions we knew the traditional way of selling this property would not suffice," said Douglas Nelson, president and CEO of the B.C. Cancer Foundation in a statement.

Five registered bidders attended the auction last Friday, held by the Garage Sale Luxury Auction House. The winning bid of $725,000 came from an out-of-province buyer.

"We would have liked to see the home go for over $1 million, but the business of the day was the sale of a home and the sale price achieved is a true reflection of the market conditions in the area," said Alex Lambert, CEO of the auction house, in a news release.

In the last eight months, five of the 48 homes sold on Pender Island went for more than $700,000, according to local realtor Sam Boyte. The highest price for a comparable oceanfront property was $825,000, he said.

See photos of the home:

Pender Island House Donated To Charity

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