Jamie, 45, and Jonathan Seddon, 43, attended Malsis School in Cross Hills, North Yorkshire in the early 1980s and were keen to bring the building back to life after hearing it fell into disuse last year.
The independent preparatory school shut its doors in December 2015 after falling pupil numbers and a failed merger with Giggleswick School, near Settle, forced its closure.
EY’s Charles King and Hunter Kelly, Joint Administrators of Malsis School Trust, have now sold the land and buildings formerly occupied by the school to Seddon Developments Ltd, part of the family-run Seddon Solutions group.
The 32-acre plot includes a grade II listed former country estate, which contains the main hall of the former school, a chapel, gatehouse and a number of other buildings.
The brothers are currently in talks with Craven District Council about bringing forward plans for the site and are keen to work closely with the community on development proposals.
Jamie Seddon, Managing Director of Seddon Developments, said: “I have many happy memories of going to Malsis and was incredibly sad when I heard it had closed its doors last year.
"I hope that together with the council and the community we can find a viable use for the school and the grounds and work together to bring this building back to life, creating a number of local employment opportunities along the way.”
Malsis School was founded in 1920 and is set in countryside with a lake, rugby pitches and a nine-hole golf course.
Charles King, Executive Director at EY and Joint Administrator of Malsis School Trust, said: “We’re delighted to have secured the sale of the land and buildings to Seddon Solutions. The funds from the sale should enable a substantial dividend to be paid to the creditors of the school, including former teaching staff.”
Eddisons Commercial Property acted as the agents.