German luxury sportscar maker Porsche is putting up for sale a Bavarian castle snapped up for six million euros ($8 million) in 2006.

“We are parting company with this estate,” a spokesman told the Frankfurter Allgemeine Sonntagszeitung, after the paper said Porsche was selling Schloss Bullachberg, near the famous Neuschwanstein Castle in Bavaria.

Porsche had purchased the castle five years ago, hoping to transform the 180,000-square-metre, building into a luxury hotel.

But the required renovation work never got going, the FAS wrote.

The carmaker has built up massive debts as it looked to seal a tie-up with Volkswagen, Europe’s biggest car manufacturer.

However, in August, Porsche said it had booked a first-half net profit of 149 million euros, bouncing back from heavy losses.