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Conrad Black's home at 26 Park Circle Lane in Toronto is shown in a handout photo.Vincenzo Pistritto/The Canadian Press

Former media magnate Conrad Black is still negotiating the sale of his estate on Toronto's Bridle Path.

Real estate agent Barry Cohen of Re/Max Realtron Realty Inc., who is representing Mr. Black in the sale of 26 Park Lane Circle, said the two sides are still talking but an agreement has not been finalized.

An auction scheduled for March 8 at the Four Seasons Hotel Toronto was called off when a pre-emptive offer landed minutes before it was set to begin.

Two registered bidders were informed that an offer was on the table just before the planned sale by Concierge Auctions of New York. Those prospective bidders were also given the opportunity to submit an offer. A few minutes later, representatives of the auction house informed guests that a deal was in the works. The following day, the auction house changed the property's status on its website to "sale pending."

Lengthy transactions are not uncommon in the upper tiers of the real estate market. Mr. Cohen estimates the value of Mr. Black's nine-bedroom mansion at $21.8-million.

Mr. Cohen said talks are continuing with the buyer who launched the pre-emptive bid. He points out that pre-emptive bids are common before a scheduled offer date in Toronto's blazingly hot real estate market, and the sale of Mr. Black's 6.6-acre property is no different.

Anybody can step up with a bid before the scheduled date – or after, he said.

"The house is for sale. Offers are still in play," Mr. Cohen said.