A visit of Rahmi Koç to the Henry Ford Museum in Dearborn, Michigan, United States inspired him to create this museum. The Koç Foundation bought the first museum building in 1991, which was left derelict and seriously damaged after a roof fire in 1984. This building (in Turkish: "Lengerhane"), was initially used for casting anchors and chains for the Ottoman Navy, during the rule of Sultan Ahmed III (1703–1730). It was restored during the reign of Selim III (1789–1807) before passing into the ownership of the Ministry of Finance in the Ottoman Empire. During the Republican era, the State Monopoly and Tobacco Co. then used the building as a warehouse until 1951. The Koç Foundation spent two and a half years for the restoration work of this Class II category historical monument.