TORONTO - A couple is putting their $6-million, five-bedroom home up for sale, but not just on the Multiple Listings Service - they plan to auction it off on Sunday to the highest bidder.

But the 2.5-acre estate at 6 Park Lane Circle in the city's posh Bridle Path neighbourhood isn't the only thing on the auction block - the public is welcome to bid on the couple's art, diamonds, jewelry, silk rugs and designer handbags.

"For the first time in the (Greater Toronto Area), a home of this value is being offered," said Kashif Khan, the managing director of Ritchies Auctions, who gave media a tour of the property and goods on Wednesday.

"It's not a garage sale. We're getting their items the attention they deserve in the auction. We're expecting the bidding may start just under $5 million. It could surpass $6 million if several people bid on it because it's such a rare property. It could also do the opposite and be sold in the $5-million range because someone wants to get a deal in the auction."

The homeowner, a dentist named Natalie Wong, said she decided to use the auction as an easy way to sell the property and some things she doesn't really use anymore, such as two Hermes Birkins purses.

"In auctions, people are trying to get rid of stuff because they need the money or taken by creditors and unloaded," she said. "That's not what's happening here. Just like fashion...it's just another way of letting someone else use them."

With an expanding family and soon moving to a bigger home in the exclusive neighbourhood, Wong said she wants potential buyers to see the land value as she once did - to use it to build a dream home.

The property is unique with a backyard the size of a football field that backs onto a ravine.

Some celebrities who have lived in the neighbourhood include Celine Dion, Prince, Mel Lastman, Moses Znaimer and Conrad Black.

"It may either be a builder or an investor who buys it. It's a 2.5-acre lot, so there's nothing like this in the city," Khan said.

Eight to 10 international and local bidders have already expressed interest in this property, he added.

Some of the other valuables Wong and her husband - a pediatrician named Shawn - are offering up to the public include a Versace silk rug, a pearl necklace strand originally bought for $1 million in Australia, a Rolex watch and over a dozen handbags from Gucci, Prada, Dior, Fendi and a rare Armani purse encrusted with Swarovski crystals worth more than $10,000.

"When we looked at this collection, it looked like there was over $100,000 of purses and every one is a quality piece," Khan said. "Same thing with jewelry, there's a nine-karat diamond being sold. If you were to price it at the retail level, it would be $400,000. There's a Rolex watch that would sell in a boutique for $70,000, but it will start at $10,000 in the auction."

The auction begins at 2 p.m. Sunday. The public is welcome but will need to register at the site for security reasons. Police officers are expected to keep a watchful eye over the luxurious goods.