An iconic Louisiana plantation has been sold to a New Orleans-area hotel owner.

Joseph Jaeger, Jr. has purchased Nottoway Plantation & Resort in White Castle for $3.1 million and "other good and valuable considerations".

The plantation is the South's largest existing antebellum mansion.

Nottoway was most recently owned by Paul Ramsay, an Australian healthcare billionaire who passed away in 2014.

Here's the amazing part. Ramsay bought the plantation back in 1985 for $4.5 million but spent more than $15 million about 10 years ago to renovate the property.

I guess when you're a billionaire, a few million is chump change! No one quite knows why the value went down so much.

It is quite the compound. Nottoway is on 31 acres and has 40 rooms, including two honeymoon suites, two restaurants and amenities such as tennis courts, a hair salon, and a fitness center.

Nottoway was built in 1859.