Heritage campaigners have expressed concern for the future of "one of the most important historical buildings in Leeds" after it was put up for sale.
Temple Works, in Marshall Street, is due to be sold at auction next month, with no reserve price.
The Grade One listed building had been earmarked for a £50m renovation by Burberry but the plans were dropped.
Leeds Civic Trust Director Martin Hamilton said he was treating news of the sale "with some trepidation".
"This is considered by many - including English Heritage and Leeds City Council - to be one of the most important historical buildings in Leeds. Its architectural and historical significance are significant," he said.
"We only hope that, if it is sold, the new owner will be able to bring the necessary imagination - and investment - to the table, to restore this magnificent mill and bring it back into use."
Construction of Temple Works began in 1836 with a facade based on the Temple of Horus at Edfu, Egypt.
The property, described by estate agents as a combination of office space, storage and workshops, is due .
Burberry's chief finance officer Julie Brown said it had "let the option lapse" to develop the site.
But the company told the BBC it was "still looking at land" adjacent to the building while it was "continuing to think through our plans" for the factory.