FAYETTEVILLE, W.Va. -- A group of investors has purchased the Gaines Estate for $1.2 million, and is planning to build a conference center and vacation rentals on the property.

Cascade Properties LLC closed Monday on the purchase of the 192-acre estate. The land is mainly forested but also includes the two-story Gaines Mansion, which was built in 1915.

One of the investors, Bill Wells, told The Register-Herald that the group wants to restore the property and create something the community can enjoy. The conference center will be available for receptions, meetings and other events, and the vacation rentals are to be two- or four-bedroom cottages.

The Gaines Mansion caught fire on Dec. 8, 2008, and sustained heavy interior and moderate exterior damage. But Wells says the structure is in good shape.