diff --git a/distribution/changelog.txt b/distribution/changelog.txt
index 31de397f23..edc815b9a4 100644
--- a/distribution/changelog.txt
+++ b/distribution/changelog.txt
@@ -25,6 +25,7 @@
 - Fix: [#4055] Sort rides by track type: Sorting rule is not really clear (inconsistent?)
 - Fix: [#5400] New Ride window does not focus properly on newly invented ride.
 - Fix: [#5009] Ride rating calculations can overflow
+- Fix: [#5253] RCT1 park value conversion factor too high
 - Fix: [#5489] Sprite index crash for car view on car ride.
 - Fix: [#5730] Unable to uncheck 'No money' in the Scenario Editor.
 - Fix: Non-invented vehicles can be used via track designs in select-by-track-type mode.
diff --git a/src/openrct2/rct1/S4Importer.cpp b/src/openrct2/rct1/S4Importer.cpp
index 1552fb93d3..1d06277299 100644
--- a/src/openrct2/rct1/S4Importer.cpp
+++ b/src/openrct2/rct1/S4Importer.cpp
@@ -98,6 +98,7 @@ private:
     const utf8 * _s4Path = nullptr;
     rct1_s4      _s4 = { 0 };
     uint8        _gameVersion = 0;
+    uint8        _parkValueConversionFactor = 0;
 
     // Lists of dynamic object entries
     EntryList _rideEntries;
@@ -259,15 +260,38 @@ public:
         return result;
     }
 
-    sint32 CorrectRCT1ParkValue(sint32 oldParkValue)
+    sint32 CorrectRCT1ParkValue(money32 oldParkValue)
     {
-        return oldParkValue * 10;
+        if (oldParkValue == MONEY32_UNDEFINED)
+        {
+            return MONEY32_UNDEFINED;
+        }
+
+        if (_parkValueConversionFactor == 0)
+        {
+            if (_s4.park_value != 0)
+            {
+                // Use the ratio between the old and new park value to calcute the ratio to
+                // use for the park value history and the goal.
+                _parkValueConversionFactor = (calculate_park_value() * 10) / _s4.park_value;
+            }
+            else
+            {
+                // In new games, the park value isn't set.
+                _parkValueConversionFactor = 100;
+
+            }
+        }
+
+        return (oldParkValue * _parkValueConversionFactor) / 10;
     }
 
 private:
     void Initialise()
     {
         _gameVersion = sawyercoding_detect_rct1_version(_s4.game_version) & FILE_VERSION_MASK;
+        // Avoid reusing the value used for last import
+        _parkValueConversionFactor = 0;
 
         Memory::Set(_rideTypeToRideEntryMap,     255, sizeof(_rideTypeToRideEntryMap));
         Memory::Set(_vehicleTypeToRideEntryMap,  255, sizeof(_vehicleTypeToRideEntryMap));
@@ -1621,7 +1645,7 @@ private:
         for (size_t i = 0; i < 128; i++)
         {
             gCashHistory[i] = _s4.cash_history[i];
-            gParkValueHistory[i] = _s4.park_value_history[i];
+            gParkValueHistory[i] = CorrectRCT1ParkValue(_s4.park_value_history[i]);
             gWeeklyProfitHistory[i] = _s4.weekly_profit_history[i];
         }