Norm :

Be very careful. If you have any ownership interest in the property you will probably become liable for all the contamination that may be there. If it is in or near an industrial park that may well be the reason no one wants it. I have seen people become liable for millions of dollars to clean up costs on a $5000 to good to pass up piece of land. There is no insurance for this that you can buy. If the soil from the pond bottom is contaminated you can't dig it out and move it except to a waste landfill (very very expensive). Check with your DEQ and those who did not want it and find out why. You need legal advice from a good natural resource lawyer first.