Ulan-Bator, the capital of Mongolia, removed its last bronze statue of Vladimir Lenin on Sunday, denouncing the late Communist leader as a murderer.
During the Cold War, Mongolia was effectively a Soviet satellite state.
The statue of the Russian leader will be auctioned. Bidding will start at 400,000 tugrik ($US287)
Mayor Bat-Uul Erdene said two companies have already expressed interest, including a tourist "ger" (yurt) camp outside Ulan Bator which already owns a statue of Soviet dictator Josef Stalin.
He said Mongolia suffered at the hands of the communists but has moved on to create an open society.
In 1990 the country abandoned its one-party state system and embraced political and economic reforms.
Lenin died in 1924. The statue was erected 58 years ago. It survived largely because many older Mongolians still revere him for supporting Mongolia in its fight for independence in 1921.