Lake County Partners announced Thursday it has purchased Hoberg's Resort & Spa, a 55-acre property on Cobb Mountain off Highway 175.

The investment group is applying for a county use permit and plans to invest $7.5 million to renovate and operate the historic Lake County resort, said Silvester Rabic, managing partner.

"With a new management structure in place, we can get down to finishing the next phases of renovation and finally reopen to the public," Rabic said in a statement.

The seller, Cobb Mountain Partners, purchased the property in 2010 but was sued for unpaid bills by employees and contractors.

American Resort Management will manage the property for the new owners, Rabic said.

Hoberg's Resort was founded in 1885 and grew to become one of the largest privately owned resorts in California. At its peak in the 1950s, Hoberg's hosted more than 1,000 guests a night.