The traditional inn, which is believed to date back to 1834, has a prominent roadside position on the A736 Irvine to Barrhead Road.
Facilities include a 40-seat lounge-bar/restaurant, the 40-seat former restaurant in two interconnecting rooms, and the 30-seat Wallace function room.
For the owners, there is a large four-bedroom flat leading to a private garden.
The extensive grounds include a car park and paddock.
The Murdochs plan a major refurbishment of the property, which will reopen in the summer as the food-led Blair Inn.
The Glasgow office of Colliers Robert Barry sold the freehold off an asking price of £450,000.
By Angela Frewin