Kelly and Diana Combs closed on Rosemary and Lookaway Halls about 1:30 p.m. today.
The couple, who currently lives in California, plans to live in Rosemary Hall and initially play host to small events like luncheons and themed teas.
Mr. Combs plans to establish a for-profit foundation of community investors to co-own Lookaway Hall. The arrangement is intended to preserve the historic building while earning a profit for its investors.
The people who own it would be responsible for its upkeep, but they will get monetary benefit, Mr. Combs said.
He said he is still developing ideas for possible uses for Lookaway Hall.
Mr. Combs is currently a partner of Medical Real Estate Development, LLC, based in Menifee, Calif.