The Virginia State Fairgrounds has been auctioned off for more than $5-million. The entire property sold in just eight minutes Tuesday in Caroline County.

This comes after the fair filed for bankruptcy last year.

Jeff Ishee, the general manager of the Rockingham County Fair, was at that auction to buy chairs and other small items to use at the Rockingham County Fair.

He said 'Universal Fairs,' a company in Tennessee, bought the entire state fair property. As of now, Ishee said, the buyer plans to have the fair there this year.

"The tax assessment to my understanding is worth $12-million and the debt that was incurred on this property was close to $80-million. So most people are at the opinion that the buyer got one heck of a deal," said Ishee.

Ishee said the Rockingham County Fair will acquire all the livestock components of the Virginia State Fair. That show will happen in October.

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