Something has failed inside, and it should not be connected to power until professionally serviced. It will in all likelihood not be worth repairing - when compared to the cost of a new replacement.
If you do replace it - cut the cord off close to the iron to discourage connecting to power again. Good luck.
I would say you throw it away and buy a new one. The heating element probably shorted out, overheated and is burned out. Too expensive and not worth the effort to repair.....
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