Mid-Devon freehouse the Mare and Foal Inn has been sold to experienced licensee Trevor Sawtell, who moves from the Isle of Wight with his partner Jayne Kelly.
The inn lies in the valley of the River Yeo in the village of Yeoford, near Crediton.
The trade areas on the ground floor include a bar with a snug, a 40-seat dining area, a pool room and a skittles alley while thee first and second floors comprise five-bedroom owners' accommodation.
Outside there is a landscaped trade garden with seating for 48 more guests and a large car park with space for 20 or more vehicles.
The new owners plan to restore the inn to a traditional village pub. They hope to cater for private functions and small parties, create a children's play area outside and convert two garages into accommodation.
The inn achieved a net turnover of £157,000 in the year to 31 March 2006.
Stonesmith of Exeter sold the freehold off a guide price of £520,000.
By Angela Frewin