Copenhaver Castle Sold for $1.4 Million, Bankruptcy Imminent (VIDEO)

A castle worth millions sold for just over one recently in Arizona. While the figure may seem like a deal, the castle has a record of making it's owners go bankrupt.

Robert Pazderka is the proud new owner of a giant castle, which appears to have been a steal off the market. Worth up to a potential $7 million, the castle was sold to Pazderka for the shrinking sum of $1.4 million, according to the Arizona Republic.

Pazderka is the owner of Armored Group LLC and hopes to use the castle for company publicity. Aware of the castle's bankruptcy history, Pazderka still plans to invest $3 to $5 million on home repair.

"Unfortunately, it's been neglected. I hope to bring it back to the magnificent property that it is," he said according to Mail Online. "It's going to take a lot of money and a lot of time."

Built over a period of 10 years beginning in 1967, Pazderka believes that the castle should be a historical landmark.

"I've lived on Camelback for 15 years, and this is a landmark property," Pazderka said of the estate, which sits astride Camelback mountain.

The castle was built by Dr. Mort Copenhaver, an orthodontist, whose business franchise eventually collapsed. The first asking price set by Copenhaver was $7 million. The price dropped all the way down to $2.5 million without receiving any buyers. Copenhaver eventually lost the property.

The castle was eventually bought by Jerry Mitchell, a theme developer, who paid a mere $985,000. In 2004 Mitchell's company went bankrupt and Old Standard Life Insurance picked up the bill. That company was also foreclosed on and the accursed mansion failed to claim an owner once again.

The 7,000 square foot home has eight levels, 20 rooms, three garages with a dungeoun included, and a 17 foot waterfall in the living room according to Dupont Castles.