Brighton Palace Pier is up for sale with its owner saying prospective buyers will need "many millions" to acquire the Grade II listed attraction in East Sussex.
The 126-year-old amusement park is being sold to return the best value for money for shareholders, with Knight Frank appointed to find a buyer for the scheme visited by 3.9 million people last year.
Anne Ackord, CEO of Brighton Pier Group, the business which acquired the iconic structure for £18 million in 2016, suggested to the BBC that new owners could be found by summer, the pier's busiest trading period.
She said in a separate statement: "The proposed sale of the pier forms part of our strategy to divest our leisure assets and return capital to shareholders.
"Brighton Palace Pier is a profitable, standalone business with significant potential to build on its already strong popularity."
Ackord added: "We expect interest from buyers both within the UK and internationally."
Brighton Pier Group has not disclosed a quoting price for the attraction, but its CEO told the BBC that any buyer would need "many millions" to complete a deal.
Annual accounts for the year ended 29 December 2024 show the group suffered another difficult trading period at the pier due to what it called a "second consecutive year of poor weather" in the summer.
In May 2024, the ownership introduced a £1 admission fee for non-residents visiting the pier, which it said helped to partially alleviate lost sales from decreased footfall, caused by fewer visitors to the city, generating total net sales of circa £700,000.
The group also said in its full year accounts for 2024 that further cost increases, including wage increases and higher insurance premiums, resulted in a £1.4 million contraction in earnings before interest, taxes, depreciation, and amortization at the pier, down from £1.7 million the year before.
The group also owns Lightwater Valley Family Adventure Park in North Yorkshire and seven indoor mini-golf sites, with the business appointing Colliers last month to sell its Paradise Island Adventure Golf portfolio.
Brighton Pier stretches 1,722 feet into the English Channel and originally opened in 1899.The structure hosts two arcades, 19 funfair rides, a restaurant, two bars, kiosks, event space and a children’s soft play facility.
Brighton Pier is also regularly hired for private and corporate events and can accommodate parties of up to 2,000 people.
John Rushby, partner and head of specialist leisure, Knight Frank, added: "Brighton and Hove continues to grow in popularity as one of the UK’s leading destinations.
"Positioned at the heart of the city, Brighton Palace Pier stands out as one of the country’s most significant heritage landmarks, offering a rare opportunity for a new owner to build on its strong foundations and further enhance its position as a premier leisure and hospitality destination."
Another iconic UK pier was put up for sale in the summer, with the family owners of Blackpool's North Pier appointing Avison Young to sell the 161-year-old structure.