Yesterday, a judge approved the sale of the Cavalier Hotel and surrounding property to developer Bruce Thompson for $35 million.
Those who live nearby say they're hopeful Thompson will restore the hotel instead of tearing it down.
"It makes me sad to think of them demolishing that hotel and taking that property and building 200 or 300 condos," says Clay Nugent, Virginia Beach local.
The Cavalier celebrated its grand opening 86 year ago - in April of 1927.
Bruce Thompson, the developer, wants to add about 150 cottages to the site in addition to saving the hotel.
This means taxpayers will be on the hook for millions of dollars if his plans are approved.
Thompson wants the 22-acre site to also include a premier wedding destination.