Pollphail, which has been described as a 'ghost village' and overlooks Loch Fyne, has been bought by a forestry firm for over £250,000.
The sale was announced by accountants French Duncan, acting as administrators of Portavadie Village Ltd.
The village was built during the UK oil boom of the 1970s but was abandoned after demand for its concrete platforms failed to materialise.
A regeneration project which would have seen the village revamped was dropped several years ago.
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The abandoned site was bought by Portavadie Forestry Limited from property consultancy CKD Galbraith.
Join administrator Brian Milne said: "News that this land had been put up for sale generated a great deal of interest from a number of parties attracted by the potential of its location at Loch Fyne.
"The conclusion of its sale from administration delivers a successful outcome for all parties concerned and signals an end to the decades of this site earning the reputation as a ghost town."
Portavadie Forestry plans to "breathe new life" into the site by demolishing the standing accommodation and investing in landscaping for residential and commercial property development.
A spokesman said: "This is an exciting opportunity for us to compliment the significant investment made at Portavadie Marina and to transform this site to an additional venue in the area.
"We are in the process of reviewing options for the site, but initial proposals include plans for a mixed development including a micro distillery or brewery with visitor centre and residential development."
(IT/GK)
