Local business woman Denice Purdie and her husband Keith Punler have purchased the 19th century Castle Toward site in Cowal.
Council Leader Dick Walsh said the couple plans to "develop a venue to attract local, national and international visitors".
"The Council's aim has been to make possible a prosperous future for Castle Toward that will benefit both the local and wider community and that is what we have done with this sale," he said.
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"Keith and Denice Punler's plans for Castle Toward are inspiring and matched by their business expertise and personal commitment to the area.
"This sale is set to bring a multi-million pound investment in the future of Cowal, with the new owners' plans to create jobs and develop a venue to attract local, national and international visitors, which will boost the local economy.
"We very much look forward to Keith and Denice bringing their vision for Castle Toward to fruition. This is excellent news for Dunoon, Cowal and Argyll and Bute as a whole."
(LM/MH)
