The oldest inland farm in WA had been owned by the National Trust until the Shire of York bought it in 1977 and opened it to the public as a tourist attraction. It was later sold by the shire to private interests.
The heritage- listed property consists of 40ha of land and associated historic buildings.
Mr Reid said he planned to restore the site to a working farm museum.
His original family farm in East Kilbride, Scotland, was gifted to the National Trust for Scotland to be used as a farm museum, now called the Scottish Museum of Rural Life.
Mr Reid said his family had been considering buying the York property for more than a year.
‘Our goal is to develop it to be a living museum for tourism,’ he said.
‘We want to be able to work with the WA Museum and have the farm remain as a working period farm.
‘It’s a highly significant cultural property for the area.’
Settlement on the property is expected to be completed later this month and Mr Reid intends to start restoration works after Christmas.