The Homestead, a sprawling, nearly 1,700-acre luxury property northwest of Whitefish, has been sold to a group of investors from Texas for $55 million, PureWest Christie’s International Real Estate in Whitefish announced Thursday.

Owner-Realtor Sean Averill of Whitefish represented both the buyers and the seller, well-known developer and venture capitalist Mark Kvamme.

The expansive property had been on the market for almost a year, and was under contract for six months before the sale was finalized, Averill said.

The new owners “have a great concept to revitalize it as a world-class development,” Averill told the Inter Lake. “They want to reconceptualize it, add a bunch of super cool Montana amenities — shooting, outdoor activities — make it a world-class ranch development.”

The Texas group plans to keep The Homestead name, he said.

“They like the homestead brand and what it represents, back to nature, family retreats,” Averill said.

Construction of a new clubhouse already is underway, and there are plans for a general store and other additions, he added.

The Homestead currently has three lodges and two guest cabins that have been used by Kvamme as a family retreat in recent years, Averill said.

The secluded property is surrounded by wildlife, lakes, waterfalls and woodland trails. Located near the intersection of Farm to Market and Star Meadow roads, it’s privately insulated on all sides by forest land and 2 miles of Stillwater River frontage.

“Of my 22 years in real estate, this is the nicest property I’ve seen,” Averill said.

Kvamme conceptualized The Homestead at Whitefish in the early 2000s, but the project stagnated when the recession hit around 2008 and the development went through U.S. Bankruptcy Court for restructuring. According to Bankruptcy Court documents, the original plan included forty 20-acre lots, 300 acres of open space and common area and 155 acres for future development.

“Mark definitely had the vision,” Averill said, “but he was probably 20 years too early.