This $11M home is one of Calgary's priciest — and it's up for auction with no reserve

One of the most expensive luxury homes in Calgary is up for auction with no reserve.

The home, which used to be owned by late CEO of Shaw Communications Jim Shaw, set an MLS record for the city's highest price tag in 2013 when it sold for $11.1 million.

Now, Crescent Heights Estate, located at 102 Crescent Road N.W., is set to go under the hammer next month in an online auction.

Philip Dobson, project sales manager with Concierge Auctions, said he couldn't speak to the seller but said the home is still in the Shaw family.

He said there's been a lot of interest in what is "one of the best properties in Calgary."

"I think the opportunity is special on its own in that it's going to a no reserve auction, meaning that there's no minimum bid, that it's going to be sold to the highest bidder regardless of price," said Dobson.

"Finding a buyer of that magnitude is a very challenging thing to do. You see it all over the country with homes that are up there that are very unique, one of a kind that are really hard to find a compatible buyer for in the market."

A $100,000 bidder deposit is required.

The six bedroom, five bathroom, three powder room, 9,808-sq.ft. mansion overlooks downtown from a ridge above the Bow River.

It has a curving staircase underneath a glass dome inspired by the Frank Lloyd Wright-designed Guggenheim Museum in New York City, rooftop hot tub, glass-walled wine cellar, gym, library and movie room.

Bidding opens online on Nov. 12, but for those who want to get a glimpse of luxury, open house tours are available by appointment.

If you do happen to be shopping for luxury property right now (lucky you), there's good news — it's a buyer's market.

A report released by Sotheby's last month predicted Calgary's luxury real estate market is likely to lag behind for some time, given the city's fragile economic recovery.

Sales of homes valued at more than $1 million dipped 21 per cent year-over-year in the first half of 2019, according to the company's fall report.