An anti-aircraft gun, machine guns, assault rifles and more than 1,000 rounds of ammunition were also found in a search of his home in 2015.
The 84-year-old's collection was in violation of Germany's War Weapons Control Act, which regulates the manufacture, sale, and transport of weapons of war.
In addition to the fine, a 10-month suspended sentence was also imposed by the German court.
According to the man's lawyer, a museum in the US is currently interested in purchasing the 40-ton Panther tank in his possession, which took 20 soldiers almost nine hours to remove the tank from the basement of his Kiel home.
In the court hearing, the defendant argued the weapons and tank were not operational, and that therefore he did not violate Germany's War Weapons Control Act.