The Thirroul Beach Motel has been sold ahead of this week's planned auction.
The motel where famed Australian artist Brett Whiteley died two decades ago was sold under instructions by Sydney insolvency firm Jamieson Louttit & Associates.
Agents Martin, Morris and Jones were due to auction the 20-room motel tomorrow.
A sale price and identity of the new owners will remain confidential until settlement takes place.
The Thirroul Beach Motel closed in June and was put on the market after receivers took possession of the building and the nearby Jim's Fish Cafe when George and Kosta Dimitrovski defaulted on the mortgage.
Australian Executor Trustees Limited sought and obtained court orders earlier this year to take possession of the motel and shop.
The Jim's Fish Cafe building, which comprises the shop and a residence, was also sold prior to auction in June, but is also yet to settle.
The Dimitrovskis are directors of Thirroul Property Holdings, former owners of Austinmer's troubled Headlands Hotel, which is also on the market.
Thirroul Property Holdings went into receivership last year with debts of more than $16 million.