Nearly seven months after it was listed for sale with an eye-watering asking price of $175 million, the sprawling Oaks Hotel on Military Road in Sydney’s Neutral Bay has been sold to a local Mosman family.

General manager Andrew Thomas, whose father David purchased the leasehold to the well-known watering hole for $250,000 in 1975 and then later the freehold in 1990 for $12 million, said his family would hand over the keys to the new owners in about 2½ weeks.