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The Chequit plans a gradual reopening of its spaces starting on Memorial Day. (Credit: Sonja Derr)

The Chequit Inn, a Shelter Island institution since it was first built in 1872, was sold at auction Tuesday. Its new owners have a familiar name on the North Fork.

Stacey Soloviev, whose business partner and former husband Stefan owns Crossroads Ag., which has purchased more than 1,100 agricultural acres on the North Fork in recent years, posted on Instagram Tuesday night that they had purchased the hotel.

Stacey Soloviev helps run the North Fork’s Santa’s Christmas Tree Farm and the soon to reopen Peconic Bay Winery in Cutchogue for the company.

“We just won the auction,” Soloviev posted with a photograph of the Chequit. “We got a hotel.”

According to Dale LaPlace, who handles public relations for New York City-based Concierge Auctions, “The property successfully sold at auction [Tuesday] and currently is pending sale. The sale price will be disclosed upon closing, in approximately 30 days.”

Pending sale means that the seller has accepted an offer from a buyer.

APT Development was the owner of the property, according to Project Sales Manager Bob Buttaro of Concierge Auctions.

The property was purchased six years ago for a reported $3.35 million and a substantial amount of money was invested renovating the premises.

Concierge Auctions had said the owners were looking for a minimum of $3.5 million.

Mr. Soloviev, the son of billionaire developer Sheldon Solow and one of the largest agricultural landowners in his own right, also bought the former Davis Peach Farm in Wading River in 2016 and currently operates it as Hayden’s Orchard, named after his son. He bought three vineyards along the North Fork the following year.

Peconic Bay Winery, Soloviev’s first operation with a tasting room, is expected to open in the coming months.