The locally-based Buckler family has bought the Pavilion, a premier function and sports venue in North Oxfordshire that is home to Banbury Cricket Club.
It is widely used by local companies for corporate and social events.
The Pavilion bar on the ground floor can accommodate 80 guests and opens onto a verandah overlooking the cricket ground.
The first-floor function room, which can seat 110 guests, provides a bar, full catering services and a balcony with views across the countryside.
The Milton Keynes office of Christie + Co sold a new, 15-year free-of-tie lease off a guide rent of £50,000 per annum on behalf of Glebe Recreational Charity, which built the pavilion in 1996.
By Angela Frewin