ONE of Bacup's most historic buildings is on sale for $5million on internet auction site eBay just a year after its owner bought it for £180,000.

Middle Eastern businessman Ahmed Jhashaba bought the former Regal cinema building in Burnley Road at an auction at Manchester Airport last October.

The high-profile purchase even featured on BBC One television programme "Homes Under The Hammer".

But less than nine months after buying it, Mr Jhashaba has registered the property on the internet auction site with a starting price of $5 million, believed to have been chosen to test the level of interest in the building.

Bacup-based Clearway Estates also featured on the television programme and are acting as brokers in any deal to sell the building.

John Pearson from the company said: "Because we starred in the television programme people have come to us as agents and asked us to negotiate a purchase for them.

"There's been a lot of hits but we don't know if that's been joke hits or serious ones.

"You're always going to get a lot of hits for something that's unusual."

On the auction site it lists as possible uses a cinema, social club, conference centre, cafe, take away or a residential development.

The building is believed to be attracting interest from potential buyers in America as well as Grenville Moran Ltd, a development company in Coventry, who have a history of refurbishing former cinemas and adding restaurants and casinos.

Mr Pearson added: "There's always interest but whether it comes through to actually getting on a plane and flying across here to look at the building remains to be seen.

"If anyone does buy it then they have to do something with it.

"It's no good to a small heritage town if someone buys it and just leaves it to stagnate. No town wants an empty building.

"The other interested party (Grenville Moran) seems to have a plausible idea, in having a small cinema in the building, as well as somewhere to have something to eat and then a casino.

"I think something like that would work."