The landmark piece of property in Saugerties that held Woodstock 94 and later the Hudson Project has been sold. The Daily Freeman reports the land has been purchased by a group of local businessmen who don't have any concrete plans for the site yet.

The sale was actually closed in May but no public announcement was made until recently in the local press. According to a listing on Lands of America, the 736-acre property was once on the market for $7.5 million. It went on to sell for considerably less but still a large sum at around $4 million.

Woodstock 94 took place the weekend of August 14-17 of 1994 and featured legendary performances from Green Day, the Red Hot Chili Pepper and Nine Inch Nails to name a few. The concert commemorating the anniversary of the original Woodstock Festival drew an estimated 350,000 people to Saugerties for the weekend.

In 2014, 20 years later, The Hudson Project was staged. An eclectic mix of more than 80 bands and musicians that was marred by bad weather. On the final day, several of the main acts were forced to cancel their shows. But that was just the start of the problems as muddy conditions trapped dozens of cars on the property for days. The Hudson Project never returned.

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Now the question is, what will the new developer decide to do with the land? The property had been in the hands of the Schaller family since 1961. It was originally purchased from the Winston family for $165,000. More details can be found HERE.

Getty Images/Gabe Palacio