Roswell Pits, a popular predator venue on the outskirts of Ely, Cambs, has been bought by two brothers who run a marina in the city.
Jeremy and Michael Tyrrell, who run Jalsea Marine, are believed to have had to bid considerably higher than the £225,000 asking price set by former owners the Thomas Parsons Charity.
In a joint statement the charity and Jalsea Marine announced that an agreement had been reached and the company expected to develop the pits facility with "a strong boating/community orientation".
It went on: "We are very pleased with this acquisition which will complete and start operations in September.
"Development plans are all subject to planning permission, commercial constraints and market trends but we believe there will be room for existing and new uses of benefit to the community as a whole."
The brothers, who bought the nine-acre Ely Marina for £2.5 million earlier this year, have refused to comment further on their plans for the lakes or whether fishing features in them.
The former clay pits, which were dug during the late 19th and early 20th Century to provide clay to build up the banks of the nearby River Ouse, are popular with predator anglers and over the years have produced pike nudging 30lbs and a string of large zander.