It was revealed yesterday that Scottish Ministers sold the three-acre site at 57 Clark Street in Paisley back to its original owners, Airlink Group, for £50,000 just five years after paying £840,000 to acquire it from SPT - the agency initially in charge of the project.
SPT had previously paid Airlink £840,000 for the site in February 2008.
Councillor Mark Macmillan, leader of Renfrewshire Council, said: "I will be calling on the Auditor General to carry out an investigation into this inexcusable waste of public money.
"The Scottish Government said it was concerned at the rise in costs associated with the project when they cancelled GARL. Yet here we have the same government selling a crucial piece of the GARL land bank for a fraction of what it paid for this site."
Governments are obliged to dispose of land bought through compulsory purchase powers which is no longer required, with previous owners offered first refusal.
A Transport Scotland spokesman said: "Around £176 million of capital expenditure was saved as a result of the Scottish Government's decision not to proceed with the branch line element of GARL.
"The benefits of around £230m in rail improvements alongside a new £430m fleet of Class 380 trains now operating in Ayrshire and Inverclyde are being felt on routes that pass though Paisley.
"Transport Scotland continues to work with Renfrewshire Council alongside SPT, Glasgow City Council and Glasgow Airport in considering the transport needs of the Airport Masterplan."