Council bosses have ruled out making a bid for Brighton’s Palace Pier.

The iconic Victorian landmark is now on the market with international investors and domestic bidders expected to fight it out to own the Grade II* listed structure.

But, with experts predicting it could fetch “substantially in excess” of £30 million, Brighton and Hove City Council has ruled itself out of the running of purchasing the third most visited attraction in the country.

A council spokeswoman said: “We are confident there will be significant interest from major leisure and tourism investment companies in this successful attraction and the council will not be taking over the pier.”

The Noble Organisation, which took over the pier in 1984 and has invested £35 million in the attraction, announced the decision to sell yesterday.

Development director David Biesterfield said the North East based firm wanted to focus on other parts of the business.

Agents GVA Humberts Leisure is conducting a worldwide search for a buyer which is expected to take at least six months.

Any sale will include 18 themed attractions and rides, two amusement arcades together with numerous bars, retail and entertainment outlets.

Anthony Wills, of the National Piers Society, said 18 of the 55 piers around the UK’s coast are owned by local authorities. This includes Worthing Borough Council which owns and operates the town’s 300- metre listed pier.

Mr Wills said: “We’ve seen in Hastings that the local authority can be prepared to step in.

“The borough council is in the process of completing a compulsory purchase order and hand it over to the very active White Rock Trust to run.

“But this is the Palace Pier and it’s very rare for a market leader to come up for sale.”

Meanwhile politicians said it was important to find the right buyer. Brighton Kemptown MP Simon Kirby said: “It is an important landmark in the constituency and the city.

“I hope the new owners will continue the investment in the building and ensure a continuation of its success.”