A sprawling lakeside luxury home in Quebec was auctioned off for $3.4 million Tuesday afternoon, even though the mansion's was recently listed at $5.5 million.

The sale came as part of an auction with no reserve, meaning the property was sold to the highest bidder, even if that price didn't meet the estimated worth.

The 17,000 square-foot home, located on Lake of Two Mountains in Hudson, Que. has 37 rooms, an indoor pool, 550 feet of waterfront, a private beach and breathtaking views from every room.

The auction begins at 2 p.m. ET and was open to registered bidders willing to submit a $100,000 cashier's cheque.

"It's the first time to our knowledge in Canada for an absolute auction of a luxury property, meaning a price point above $2 million," said Leslie Paul Farkas, business development manager for Grand Estates Auction Co., which managed the sale.

The sale was finalized after 3 p.m.

The owner of the home, 70-year-old John Hooper, reportedly decided to auction the home after it failed to sell through more traditional means.

Hooper and his wife, Diane Bradshaw, plan to travel the world and were tired of waiting for the home to sell.

"He's selling it because it's time for him to travel the world, it's time to live his life," Farkas said.

Hooper is the founder of several life science companies and the former CEO of Phoenix International Life Sciences Inc.

Two years ago, Hooper listed the home for $6.9 million to no avail. When he dropped the price to $5.5 million, he still couldn't find a buyer.

Louise Remillard, from Profusion Realty Ltd., said the owner had simply overpriced his home on the Montreal market.

She added that the owner will now get $3.1 million, after paying a 10 per cent commission for the sale.

Remillard said the owner likely could have saved money by simply listing the home on the market at a fair price, since commissions for real estate agents are closer to five or six per cent.

"It sold close to municipal evaluation. If the gentleman had put his house up for sale at a reasonable price near the municipal evaluation, we would have had a sale much faster and for much cheaper," she said.

The eight-year-old home has nine bedrooms, eight bathrooms, a guest apartment and "a grand foyer with majestic cherry-wood double staircase and eight-foot Spanish alabaster chandelier," according to the listing on the auctioneer's website.