The new owners are Brian and Beverly Acerman from Exmouth, who have been joined by their sons Jordan and Simon. They plan to build a new kitchen to develop the catering trade.
The city-centre pub has the feel of a village community pub, hosting darts and football teams.
It is located in the residential area of Stoke Hill on the edge of a new £1 city bus route and benefits from its proximity to Exeter City Football Club and Exeter University's campus and student accommodation
The detached property can seat up to 52 customers in its lounge and public bars and provides four-bedroom private living quarters for the owners.
Outside is a trade garden with a children's play area, a car park and two garages.
Stonesmith of Exeter sold the leasehold off a guide price of £70,000 on behalf of Gary and Ruth Sales.
By Angela Frewin