Sydney billionaire Justin Hemmes has acquired The Quarterdeck at Narooma.
Mr Hemmes' hospitality company, Merivale, will receive the keys to the Quarterdeck within the next few months.
Located over the waters of Forsters Bay, The Quarterdeck has been operating for decades.
More than 20 years ago it was an oyster grower's shed, which then turned into a restaurant hosting musical acts from around the world. In 2011, it transitioned into a Tiki bar, which it currently operated as today.
Australian Community Media was told it will trade as normal for the foreseeable future.
Mr Hemmes is no stranger to the South Coast. He purchased his Glass House Rocks property in 2015.
"Narooma has become my second home and the backdrop to so many of my happiest memories with my family," he said.
"I think it is one of the most beautiful spots in the world, with a unique landscape, crystal clear waters and an amazing community of people who call it home."
It's Merivale's first hospitality venue outside Sydney and Hemmes shared his excitement.
"It has been an absolute privilege to spend so much time here over the past six years and I'm excited to now join the local business community," he said.
After last year's bushfires, floods and then pandemic, Mr Hemmes said: "we are so lucky to call Australia home".
"One of the silver linings to come out of the last year is a heightened appreciation for our own backyard, an excitement to explore our spectacular country and its coastline."