The famed Plaza Hotel in Rockhampton, Queensland, is up for sale with a starting offer of just one dollar. This has shocked the local community.

The seven-story landmark used to be a busy center, but over the past ten years it has become an eyesore as it has fallen apart. It ultimately had to be sold by court order to pay off debts.

Ten Years of Decay and Broken Promises

The 66-room hotel debuted in 1977 on George Street and did well for many years before closing in 2014. Since then, the property has come to stand for how cities don't care about its buildings.

Photos of the property show a creepy scene: broken windows boarded up with plywood, gardens that have grown too big, and a green swimming pool that hasn't moved in a long time.

In 1996, billionaire James Chang bought the hotel. In 2019, he suggested a mind-boggling $1.6 billion makeover to turn the property into a 38-story tower.

But the project never got off the ground, so the building fell apart and became a place where people could break in, vandalize, and do other unlawful things.

Worries about public safety and legal fights

The auction comes after years of problems between the owner and the local government.

The property owes the council more than $200,000 in delinquent rates and more than $44,000 in fire safety fines.

Last year, public health directives were made to clean up the site because it was dangerous for the people who lived nearby.

Tear down or build up? The Olympic Element

Lloyds Auctions and Ray White's marketing agency say the plot is a great place to build something new. Experts think that the winning bidder would probably tear down the old building to make room for a new project because the structure is in such bad shape.

The timing is smart since Rockhampton will host rowing and paddling sports at the 2032 Brisbane Olympics.

This worldwide event is likely to cause a huge increase in demand for short-term housing and contemporary infrastructure in the area.

For the right developer, this "dollar hotel" may become a goldmine.

On May 21, the auction will begin, and bids will start at $1.