Bob Banting doesn't know what to think now that the Ontario Historical Society sold the Banting Homestead to a private company.

He didn't have much information about the sale, but said he knows the OHS sold the 100-acre property north of Alliston to the highest bidder.

Over the past few months, the Town of New Tecumseth was in talks with the OHS through a provincial facilitator, Alan Wells, to buy the birthplace of Sir Frederick Banting, co-discoverer of insulin, for $1 million.

It planned to sever and sell 30 acres to developer Mattamy Homes for $1 million. The remaining 70 acres, including a house and octagonal shed, would be designated as heritage property, and eventually the land would become home to a camp for diabetic youth.

"I'm disappointed in the OHS. To sell to the highest bidder and to thumb their noses at the town says something," said Banting, Sir Frederick Banting's grand-nephew.

"I don't know why the government is allowing this precedent to be set.

"This is a bleak day for the Banting family. His legacy in Alliston is going to be lost."

Banting is one of the founders of the Sir Frederick Banting Legacy Foundation, a charitable organization created to raise money for diabetes education and to work on projects for the Banting Homestead, including the camp.

Banting said without the property, the foundation will collapse. "I think the Banting Education Committee will collapse as well. I don't think any of it would survive if there's no draw."

New Tecumseth Mayor Mike MacEachern said he was shocked by the move. He never heard money was an issue.

"In the past, the OHS said it wanted $1 million for the land, and that's what we offered."

He said the land is a significant piece of Canadian history and the town still wants to preserve the property.

"Council announced its intent to designate 70 acres as heritage property, and that decision isn't tied to the owner, it's tied to the land."

He said it's likely council will continue with plans to sever the 70 acres and protect it under the Ontario Heritage Act.

Along with the severance, the land still requires an amendment from the Official Plan and needs to be rezoned before any development can take place.

"There are quite a few steps to move the process along."

When asked if he would give the new owner a hard time when applying for zoning amendments, MacEachern said all applications are looked at objectively.

"It's not fair to suggest the town would give anybody a hard time. What we do is what's best for the public interest."

As for what the new owner intends to do with the property, that question is unanswered. MacEachern said if the owner wanted to level the Banting buildings, a permit is required first. "It shouldn't be demolished without the town's knowledge."

The Herald has learned there was a third bidder for the property, who was also turned down by the OHS.

In his letter to New Tecumseth, Christopher Oslund, president of the OHS, said the town's proposal was less specific on the matter of conservation and protection of the buildings.

"Another more remunerative offer provided the opportunity to start repair work (and) was explicit in its commitment to protect their (the buildings') heritage integrity," wrote Oslund. He said the new owner would provide for the ongoing maintenance of the buildings until such time as they can be "gifted to another appropriate organization."

Oslund said the OHS's actions would result in the restoration and preservation of the Banting Homestead in a manner that meets the wishes of Edward Knight Banting. Edward was the nephew of Sir Frederick Banting, the co-creator of insulin. Sir Frederick Banting spent his childhood on the Alliston property, which makes it historically significant in the eyes of the town.

The OHS has said in the past it recognizes a home in London, Ontario for Sir Frederick Banting, a home where he worked on medical theories for insulin.

Oslund was unreachable for comment by press deadline.

Simcoe-Grey MPP Jim Wilson, who had introduced Bill 20 - The Banting Homestead protection bill to Queen's Park, was also shocked with the news. The bill, if passed, would protect the land and the buildings on it.

"There is still the threat of the Private Member's Bill but the Liberals don't seem inclined to do anything with it," said Wilson.

Just as word of the sale spread through town, a for sale sign went up on the property to the north of the Banting Homestead. Brian McCague, a sales representative with Royal LePage Complete Realty in Alliston, said he didn't know who bought the Banting land, but his client was selling 70 acres to the north for $45,000 an acre, which totals $3.15 million.