The owner of the property, investment group Castle LLC, purchased the Castle for $1 million in 2002, according to Georgia Trust. The company wanted $5 million for the property in 2007, before the real estate market took a turn for the worse, Latshaw said.
The Castle was threatened with demolition in the mid-1980s, a time when former Atlanta Mayor Andrew Young called the structure "a hunk of junk."
The Castle achieved local landmark status in 1989 – preventing it from being torn down -- and was restored as part of AT&T’s Promenade project, said Traci Clark, communications director for the Georgia Trust.
“If someone bought the Castle and rehabilitated it, it would be great,” Clark said.
Another iconic building, the historic Flatiron in downtown Atlanta, recently went on the market for $4.27 million.