LOUISVILLE, Ky. (WDRB) -- Funtown Mountain has gone to the highest bidder at auction.

It's been a long journey, but the former Funtown Mountain property in Cave City has a new owner.

"We're very excited," said Dwayne Hatcher, mayor of Cave City. "We've been waiting for this day for months."

One of the most anticipated auctions in the commonwealth of Kentucky attracted dozens of people from across the region Wednesday.

Guntown Mountain-turned Funtown Mountain was purchased by Louisville businessman Will Russell nearly a year ago, but after Russell struggled with financial, legal and other personal issues, the popular roadside attraction went into foreclosure. 

But Wednesday's auction gave bidders a chance to bring the park back to life.

David Froggett Jr. purchased everything for a total of $295,000.

"We just had to have it," Froggett said.

The local buyer has teamed up with Chicago-based Gateway Development. The plan includes a theme park, retail shops, cabins, indoor water park, restaurant, and much more.

"We're gone put the chair lift in full-function," Froggett said. "It's going to have the wow factor."

Froggett says he likes the name "Mammoth Cave Mountain" for the park, which could cost roughly $20 million.

He says the plan is to employ at least 100 people for the first phase of the project -- and build a radio station on top of the mountain. 

"We got our foot in the door, we got her bought, and we're ready for the next step," Froggett said.

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