The 30,000 sqm building has 75 rooms, more than 50 of which are rented at low rent by various musicians, artists, photographers, dance and martial arts studios, and community education organizations.
Even the coal bunkers and toilet blocks are rented out for storage.
Building manager Kathryn Olcott confirmed that the building was for sale and believed that an offer on the building may have already been made.
However, it was not known who made it and how much was offered.
It was also not known through which real estate company it was sold.
“Nothing has been confirmed. We don’t know what the plans are,” she said.
“If there’s a group of people whose livelihoods depend entirely on the good rents in the community, that’s troubling.”
When the property was bought by Americans Ray and Gwynn Joseph in 2000, there was talk of turning it into apartments or a hotel, but instead became a hub for community groups, sports clubs and small businesses.
Now that the Josephs are looking to sell, there is a fear that a new owner will evict the tenants and return to focus on converting apartments or a hotel.
Tenant Adrian Mann said a small group of tenants had banded together to form a trust to raise money and bid on the building, in an effort to keep it going for the future of the arts community.
“If everyone in Dunedin could give $30, that might be enough to buy it.”
If the “trust” couldn’t buy the building, he hoped it would be sold to someone with an interest in the arts and continue to operate it as a supporter of the arts.
He said many tenants feared the sale because they didn’t know what the impact would be on their business.
“It’s a pretty big art community here.
“The main thing about this place is that people can come in here and try their passion, and if it doesn’t work, it doesn’t work, but at least they tried.
“Some people are going to make a career out of what they wanted to do and what they loved.
“They wouldn’t get that opportunity anywhere else because of the rent.”
Mr Mann said it is too early to say what the future holds for the building, but it would be sad if it were redeveloped or closed to the arts community.
“I would be very sad for Dunedin. It would be a huge blow to the art community.”
Mr and Mrs Joseph could not be reached yesterday.
The foundation stone of the building was laid on March 20, 1913, and by 1955 the school had grown to become the largest in the country, with approximately 2,500 students.
But by 1966, the college’s tertiary branch had rebranded itself as Otago Polytechnic and moved out of the building, and in 1974 high school followed and became Logan Park High School.
Since then, the buildings of King Edward Technical College, now known as King Edward Court, have been privately owned.