Historic factory in Germany put up for sale for just 1 euro

The administration of the city of Saxony-Anhalt, located in the German state of Tangerhütte, has put a large 19th-century industrial complex up for auction. The starting price of the historic property, located north of Magdeburg, has been set at just 1 euro, which is attracting a lot of attention.

Reports state that the enterprise was founded in 1842 after iron ore deposits were discovered in the area. In a short time, the factory transformed Tangerhütte from a small town into a major industrial center. At that time, more than 1,500 residents worked at this very enterprise.

During the economic boom of the late 19th century, the factory produced street lamps, spiral staircases, bathtubs, and even entire tea pavilions. Demand for the products was very high, and they were exported not only within Germany but also to countries such as Japan, Egypt, and Argentina, which helped the factory gain international recognition.

However, following the dissolution of the German Democratic Republic (GDR), the legendary industrial complex gradually ceased operations and fell into neglect.

Now, the city administration aims to find an investor who can breathe new life into the property. For this reason, the starting price of the factory was symbolically set at 1 euro. Candidates wishing to participate in the auction must submit their applications by September 30.

However, the new owner will also face a great responsibility. According to the auction conditions, the buyer must immediately reinforce the historic facades, which are protected as architectural monuments, and ensure their long-term preservation.