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In a joint investigation by BR Kontrovers, BBC 4 and hr, a team of journalists follows the tracks of "Dolphin", a Hanover based real estate developer who claims to buy and refurbish listed buildings in Germany. But the investigation shows that many of the listed buildings, several of them in Bavaria, are decaying for years instead of experiencing a renovation. Furthermore, the team talks to German flat buyers who waited for years for their apartments to be renovated and to investors from all around the world who are waiting for their money which they put into "Dolphin" as an investment. Who profits from this business with listed buildings? A report by Anna Klühspies and Linus Freymark