Whitby’s historic engine sheds failed to attract any bids when it was put up for auction in York on Wednesday night.
There was a starting price of £140,000 but no-one put their hand up for the 167 year-old building.
Auctioneers, Hunters say they are now in talks with the owner of the building, Terry Hodgkinson and all the people who came to view the sheds to see if there are any offers forthcoming.
The building can still be sold under auction conditions for the next 28 days.
Mr Hodgkinson had purchased the building last year and intended for it to be turned into an exhibition space, restaurant and space for other artistic projects.
He had spent £35,000 on it but shelved the project due to difficulties in getting funding for the rest of the project.
Earlier this month, the Gazette revealed that a consortium were looking to buy the sheds, which cover 6000 square feet, with a view to it being used for creative purposes.
It was being fronted by Kate Longmate and architect Stuart Duckett who were working on a feasibility study but the guide price was too high for the level of investment needed.
They said: “In the short time available to us, we put together a very exciting concept proposal for a mixed economy project with great community benefit. “However due to the level of investment required to realise the potential of the building, the building would need to be purchased at a realistic price, which could not be achieved. “We would still be very keen to talk to the current owner or any future purchaser with regards to working together to ensure the building is preserved for the benefit of the town and its community.”