QUAMBY owners Brett Godfrey and Rob Sherrard have bought 1980s holiday retreat Rutherglen.
The Hadspen development was placed into liquidation last year and failed to be sold earlier this year after it did not attract a desirable bid.
Mr Godfrey and Mr Sherrard, co-founder of Virgin Australia, were confirmed as buyers yesterday after negotiations with Rutherglen's liquidators.
Rutherglen has a bar, bistro, cafe, 20 motel suites, conference facilities for up to 200 people, and sporting and recreational facilities.
The business partnership announced this week that they had bought the Tasmanian Walking Company, which owns the famed Cradle Mountain Huts walk and the Bay of Fires Lodge walk.
The duo reopened Quamby Estate about 18 months ago.