The historic, 130-year-old Wunghnu Tavern failed to sell at auction on Friday, June 28, but two local buyers negotiated the purchase later in the day.
The tavern, set on a 2000 square metre block, attracted a bid of $430,000 but that was below the reserve of $450,000.
Agent Kevin Hicks, who conducted the auction, noted the reserve was below the replacement cost for a similar building.
Kerry Bruce from Barmah and Neil Pankhurst from Tongala are the new owners.
Ms Bruce said they hoped to re-open the business as a licensed premises.
The building, a former Mechanics Institute hall, includes an upstairs residence with two bedrooms, bathroom and kitchen.
The tavern had been run as a licensed restaurant and function centre, but closed earlier this year on the death of the licensee.
Much of the original building, in the main street of Wunghnu, remains — including timber and pressed metal linings.
The property was owned by John Dungen from Elmhurst.
The Victorian Heritage Council says in a statement of significance:
“Stylistically the building is extremely simple version of the conservative Italian architecture employed during the 19th century.
“It presents a large and imposing if plainly detailed facade to the highway in the township of Wunghnu.
“The interior spaces including the hall are relatively simple. The importance of the building lies primarily in its relationship to the once small but thriving township of Wunghnu.
“It remains as a last vestige of the substantial Victorian buildings which existed within that town and in that respect must be considered of significance.”