Updated: Fri Dec. 26 2008 14:48:40

ctvcalgary.ca

The Federal Auction Service set up at the Westin Hotel in Calgary to auction off a rare sports car and some other big ticket items.

Most of the items were acquired through the Ontario Sheriffs Department through bankruptcy and court decisions.

The auction includes a number of luxury items including a 5 carat brilliant cut diamond ring, a diamond necklace with over 11 carats worth of diamonds and several high value rings, bracelets and watches.

The pièce de résistance was a rare 2008 Lamborghini Murcielago worth more than half a million dollars.

The interior of the car is designed by Versace and auction representatives say the auctioning off of the elaborate vehicle is a sign of the times.

"These days you see people driving their cars and enjoying their things but with recession sometimes things need to be sold so we're dealing with this car now and we'll see what happens at auction, where the bidding gets to," said Kash Khan of the Federal Auction Service.

The Lamborghini won't be ripping up Calgary streets any time soon though, it will be passed through a number of auctions over the next month and then go to the highest bidder.