A company that has its roots in Kelowna is returning home for a 50-year anniversary celebration and unreserved auction.

John and Ken Ritchie started Ritchie Bros. in 1958, selling furniture in downtown Kelowna.

Their first unreserved industrial auction took place in 1963 as a result of the bank calling their loan. They had to come up with the money by the following Friday, so to meet the demand they conducted what would turn out to be the company's first unreserved sale.

After a few more successful sales using the same format, a customer approached them to sell some industrial equipment. It was then that they discovered they could make a lot of money selling high dollar equipment, instead of selling low dollar furniture. The rest is history.

“Now we're selling everything,” says Jake Lawson, Ritchie Bros. Regional Manager. “If it relates to the industrial world, real estate, agriculture, commercial or recreational we sell it.”

Preparations for the June 3rd celebration are already underway.

“You're gonna pretty much see a circus roll into town,” says Lawson. “This one (auction) is so special we're trying to go the extra mile. We're having the sale right on the Bennett Family's El Dorado Ranch, next to the airport. It's a great location.”

"We're thrilled to be returning to our roots in June," says Peter Blake, Ritchie Bros. CEO. "We've never forgotten where we came from or the principles up on which we were founded - treating our customers fairly and conducting strictly unreserved auctions. We're proud to be the world's largest industrial auctioneer."

The company is dispersing equipment for J.W. Lind Trucking Ltd., Mallard Logging Ltd., and facilitating a major realignment for Ed Smith Trucking.

On the block is a extensive line-up of late model logging trucks, log trailers, late model skidders, a major dispersal of premium equipment, late model grapples, skidders, wheel loaders, excavators, processors, and bunchers.

“There's a bit of a logging theme,” Lawson says, “But there'll be all kinds of other stuff as well. One of the many features is a 20,342 sq. ft. (0.467+ acre) waterfront property located at 1450 Green Bay Road in Westbank.”

“There are no fixed prices,” says Lawson. “Everything is unreserved and sold to high bidder on sale day regardless of value. If it sells for a dollar and you're the highest bidder - you own it.”

There will be a pre-sale party on the evening of June 2nd. The auction will be held at 9am the morning of June 3rd at the El Dorado Ranch.