Barry's Amusements in Portrush is reported to have been sold for more than the £2.75m asking price.
Its owners, however, have declined to comment on the speculation.
The much loved seafront attraction was first opened in 1926 by the Trufelli family and has since welcomed many generations through its doors.
In 2019 it was reported that the 2.23 acre site was to be sold as a going concern but in May this year it was marketed as a development opportunity.
A family statement following the change of heart read: "Whilst our hope is that we will be able to sell the business as a going concern, we recognise that it may not be possible to find a suitable purchaser.
"As a result, we have appointed Savills and Philip Tweedie & Company to market the site as both a going concern and a development opportunity.
"Barry's continues to remain closed in line with Covid restrictions and will not reopen until the sale process has concluded."
A subsequent feasibility study suggested the site could be developed for several uses, including a 120-bed hotel, 23 residential dwellings or a combination of both, in addition to leisure and recreational facilities.
Barry's was thought to be the longest running amusement park on the island of Ireland but was forced to close when the pandemic hit.
The BBC reported on Monday, July 2 they understand that developer Michael Herbert has bought the site.
Mr Herbert made millions through one of the UK's largest KFC franchises, which he sold for an undisclosed sum last year.
Belfast Live has contacted both Savills and Philip Tweedie & Company.
SDLP MLA Cara Hunter has said she will be seeking a meeting with the new owners to find out how they plan to develop the site and remind them of its history.
The Portrush native added: “The public have been clear that they want to keep Barry’s in some shape or form and I would hope the new owners will take this into consideration.
“There is an opportunity to develop a modern family entertainment complex on this site.
“There are also concerns around the building of more expensive apartments in this area, local people already feel they are being priced out of Portrush and I hope this too will be considered,” she continued.
“I am glad this site will no longer lay dormant.
“Barry’s closure was a sad occasion for many people and I hope this development will contribute to the regeneration of Portrush and the wider North Coast.”
