One of the UK’s largest stately homes has been bought by a conservation group for £7m (US$10.4m, €9.1m), with plans to invest upward of £42m (US$60.8m, €54.7m) on repairs and restoration over the next 15 years to turn the site into a leading heritage attraction.

The Grade-1 Listed Wentworth House in South Yorkshire is the largest privately-owned house in Europe. Covering 250,000sq ft (23,000sq m), the 300-room house sits on a 82-acre estate and is now open to the public for the first time in roughly 25 years following a 2014 listing.

The property was purchased by the Wentworth Woodhouse Preservation Trust (WWPT), with funding coming from grants, pledges and donations, including £3.5m (US$5.1m, €4.6m) from the National Heritage Memorial Fund.

The house and estate have gained much public interest after featuring in a number of TV and film productions including Mr Turner, Jonathan Strange & Mr Norrell and the BBC’s Antique Roadshow. It’s also steeped in history, having welcomed guests including King George V and serving as "one of the great Whig political palaces" in British history.

“The long-term strategy is for the public to visit and enjoy all the most interesting parts of the property while restoring the others for revenue-earning uses such as events and holiday lets with business units in the stables,” said a spokesperson for WWPT.

"Traditionally a historic house of this size would have required a vast endowment.

"This business model will provide a substantial income stream intended to cover both running costs and periodic bouts of repair."

WWPT will finalise the sale within two to three months, according to real estate firm Savills.