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Speaking to AOL, the 55-year-old confessed that he would use it to hold lavish parties and stage concerts.
"I'm looking to buy a castle - I'll call it the Hassel Castle," the actor said.
Hasselhoff, who is currently recording an album with Broadway composer Frank Wildhorn, also revealed that his hopes of starring in a Baywatch musical were dashed by "corporate idiots".
He said: "A while back I tried to buy the rights because I wanted to do Baywatch: The Musical. It would have been fantastic! But they're idiots... they're all idiots. Corporate people only think of dollars and cents."
