Perrott’s Folly tower in Birmingham, said to have inspired JRR Tolkien in writing the Lord Of The Rings, has been sold for just £1.

It has now launched a £1 million fund-raising campaign to find the money needed for the renovations.

The plan of work includes proposals to reinstate the first floor, which has completely disappeared, renovate the tower’s ornate rooms and make the building structurally sound.

Trident’s Ben Bradley said: “In high winds it does shake a bit, but our quantity surveyors have assured us it is structurally safe and won’t fall down – for now.

“But they have said if work isn’t done soon it will start to crumble.”

He said the project would also include the addition of a new building on the front of the tower.

It would feature a cafe and small community centre where arts exhibitions could be staged, as well as hosting social events for groups, such as parents and toddlers, and the homeless. The top and bottom floors of the main tower will be used as exhibition space, with the rest of the building playing host to exhibitions and workshops.

Mr Bradley said the tower would remain open for the next 12 to 18 months before shutting for the renovation. In the meantime, a public fund-raising campaign is set to begin, which will include asking people to “sponsor a brick”.

Trident Reach is part of the main Trident housing association group and specialises in projects for the homeless and vulnerable people.

Mr Bradley said: “The area in which it is in is deprived, so the project will not only provide volunteering opportunities, but will also allow us to provide support services for residents. It won’t just be a case of the building being used now and again, it will be in constant use.”

Scores of Lord of the Rings fans already visit the tower each year as part of the Tolkien Trail, an unofficial route established by die-hard fans of the fantasy series.

Perrott’s Folly itself was built in the centre of a magnificent medieval hunting park by eccentric landowner John Perrott in 1758.