Scott Hakim and his family, who own Old Salem Farm, have purchased Grand Central Farm in North Salem, N.Y., for $14,902,000.

“We started a long time ago looking at this and just finally finalized it last Friday,” said Old Salem Farm facilities manager Alan Bietsch. “Right now the intent is to keep it as an equestrian boarding and training facility.”

The 286-acre farm was previously owned by Paul Greenwood—a former supervisor of North Salem, hedge fund manager and once owner of Old Salem Farm. His wife, Robin, bred and trained ponies for the hunter ring at Grand Central. Paul pleaded guilty to multiple charges of conspiracy and securities fraud in 2010, and his possessions and properties, including Grand Central, were seized.

In 2010, the property was offered for $29 million, and the offering price was later dropped to $18.1 million. The farm includes a barn with 20 stalls, riding rings, a veterinarian room, breeding and wash stalls, foaling stalls, staff housing and a caretaker’s cottage.

“We just thought this 286-acre parcel with a spectacular farm would just compliment our business down the street,” said Bietsch. “With the situation at hand, we thought it was the right business move to preserve this equestrian property and think that it would help our business grow between the horse shows, the boarding and the training.

“It’s such a beautiful piece of property, and we’re excited now that we have it working in conjunction with Old Salem Farm,” he added.

Old Salem Farm hosts 25 A-rated horse shows a year, including their May series and the American Gold Cup in September, which features the $200,000 American Gold Cup Grand Prix.