The roof of the magnificent 16th century 24-room home needs substantial repairs and some of the rooms have been closed up for years.
But that is now all to change after a buyer has come forward. It is unclear what the purchaser paid but the house, which dates back to the 13th century and was rebuilt in 1580, had an original asking price of £900,000. This was later dropped to £775,000 and then to £650,000.
The Grade II* listed medieval town house, which stands close to the castle, has been bought by a private investor.
What the new owner intends to use the house for is known, but the news of its sale is bound to be a relief for many townspeople.
Castle Lodge has been privately owned throughout its history, once home to Catherine of Aragon, the first of Henry VIII's first wife and in the last century was a hotel up until the Second World War; more recently Castle Lodge has been a private dwelling.
In Tudor times it was the home of Elizabeth I’s Master of Requests and was once used as a prison.
Over the centuries it has also served as a sheriff’s lodge, staging post for Oliver Cromwell and as a film set.
Scott Kemsley, Balfours sales manager at Ludlow says: “This is a very unique building and dates from the early 13th century, rebuilt in 1580.
“We don’t know the buyers plans but we do know the buyer is delighted with his purchase."
The house was listed as "one of the 1,000 best properties in Britain” by Simon Jenkins and has authentic historical fittings including beautifully carved timber panelling, stained glass and a pendant plaster ceiling.
Its accommodation comprises of a great hall, a drawing room, a court room, a kitchen/breakfast room, a sitting room, 12 bedrooms, attic rooms and a small walled courtyard garden.
Last year a group made a bid to buy the property to ensure it remains for history buffs and townspeople.
However, their bid was unsuccessful and the fate of the house remained uncertain.