The McCrae Street property was sold off market with the buyer hoping to remain anonymous at least until the settlement is locked in, Ray White Bendigo sales associate Mitch Balnaves said.

The new owners had "grand plans" for the building, which he said would be exciting for Bendigo, he said.

However, Mr Balnaves had been asked to keep those ideas under wraps.

The former nightclub closed in 2017, with owners suggesting an evolving social scene had forced their hand.

“People don’t seem to support live music like they used to,” co-licensee Alysia Bazzani said at the time.

“It’s a different world from when we started, the landscape has changed so much in recent times that it is not sustainable to continue the business in current form.”

Former owners had explored the possibility of transforming the Black Swan into a five-star hotel.

The premises had been one of the few in Bendigo to hold a 5am liquor licence.

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