A rural mansion assessed at almost $2.6 million sold Thursday at auction for $550,000.

The unfinished, 12,000-square-foot home was to be the retirement home of a Ukrainian businessman. It sits on more than 100 acres of farmland near Kinistino, Sask., which is about 145 kilometres northeast of Saskatoon.

This will be a first and probably a last in my time with Ritchie Brothers. - Luke Fritshaw , sales manager

Luke Fritshaw, the sales manager from Ritchie Bros. Auctioneers, said people came by just to watch the spectacle of the mega-mansion being sold on the auction block. He's seen plenty of unique properties pass hands, but this one took the cake.

"This will be a first and probably a last in my time with Ritchie Brothers," he said. "It's hard to imagine coming across another 12,000 sq. ft. house that's a long way from being built—especially when you're talking about it being in Weldon, Saskatchewan."

The bidding came in fast and furious, with all but one bid placed over the internet. But once bidding reached the $500,000 mark, the action slowed right down.

"We tried to squeeze out any more pennies out that we could, but that was the max anyone was willing to spend," Fritshaw said.

It is not clear on the auction website who bought the property, but Fritshaw said the winning bid came from a computer based in British Columbia.

The home features geothermal heating, a 2,700-square-foot four-car garage, a movie theatre, an elevator, a solarium, a fitness centre and a swimming pool with two adjacent saunas.

The main floor plan of the home. (Ritchie Bros. Auctioneers)

The businessman set to retire there ran into issues with obtaining citizenship and the house was being built on a Prince Albert family's land. The landowner died in 2016, and the sale is part of settling his estate.

Fritshaw said the sale wrapped up as well as he could have expected.

"At the end of day, our sellers are very happy with the results, which in turn makes us happy with the results."

With files from Alex Soloducha and Jason Warick