This is a old garbage holder. Most cities use to come into your backyard and actually pick up your garbage. One would simply lift the handle and place their garbage into this pit. This way the rodents and neighborhood dogs could`nt get to your garbage. I find these every now and again on my home inspections.
If you have one just get rid of the lid and back fill with dirt. This one was filled with water and the current owner couldnt figure how he was getting water into his basement.
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