In 1548 the mill is mentioned for the first time as "New built mulen" in the feudal charter of Magnus von Bernstein of the manor Polenz by Elector Moritz.
The Preiskermühle has an original half-timbered building from the 17th/18th century and is one of the few unbuilt half-timbered farms in the region. Together with other mills in the Triebisch valley it makes an important contribution to the preservation of the cultural identity.
In 1551 the village Semmelsberg, where the mill is located, is mentioned for the first time with "Dye Leute yhm Semels Grunde". A direct reference to flour mills can be made, since "semel" in those days meant fine wheat flour'. It is therefore very likely that the village Semmelsberg got its name from the local mills (former Niedermühle), today's Grundmühle and Preiskermühle (former Obermühle, respectively Thomas v. Bernsteinsmühle). After the manor of Polenz was divided into Nieder- and Oberpolenz in 1588, Thomas v. Bernstein inherited today's Preiskermühle with the Niederpolenz manor, which was registered as Thomas v. Bernsteinsmülle at that time. In the course of time the mill developed into an excursion restaurant. However, in 1985 the restaurant operation was also finally discontinued. From 1998 to 2003, the mill stood empty and gradually fell into disrepair. Before the mill collapsed, the decay was literally stopped at the last second in December 2003 by the new owners, the Flade family. Since 2004, the idyllic property has been inhabited again. The first construction phase - the conversion of the collapsed hall extension into a furniture restoration workshop - was completed in 2005. Currently, the restoration of the side building in accordance with the preservation order is being carried out.