After it was on the auction block for three weeks, and a bidding war, the Edmonton Queen riverboat now has a new owner.

Auction company Century Services told CTV News a bidding war between two individuals started Monday afternoon, and continued until the 11 p.m. deadline for the auction on Monday.

The final price: $553,000.

Century Services told CTV News the new owner will continue to offer river cruises – and Edmontonians should find out more about the future of the riverboat in the coming weeks.

“The successful bidder, I had a quick phone call with them and they said they’re going to release their ideas and who they are in the next few weeks, so I guess just wait and see,” Mickey Spencer with Century Services said.

A spokesperson for the previous owner said the Edmonton Queen was too expensive to operate, and they had been trying to find a buyer for the last few years.

The company says it will offer refunds to anyone who purchased cruise tickets for this season.