Stoltz, 95, indicated last month that he was considering four different offers for the famed regional theater venue, which has over the years featured such actors as Nick Nolte and Loni Anderson, and several local media personalities.
The theater announced the sale in a press release Friday, in which Stoltz said, "This theater has given our family and the community great joy over the years but we finally came to the conclusion that's it’s time to pass the torch on to a new generation of leadership so it will continue into the future."
As suggested by the Star Tribune on April 25, Stoltz went ahead with plans to sell the venue to Excelsior Entertainment, which is owned by Twin Cities tech executive Greg Frankenfield and his wife, Marissa.
The Frankenfields have been described as theater enthusiasts who have invested in productions on Broadway and on London's West End.
Greg Frankenfield said he intends to honor the tradition of the Old Log, and the "only interest has ever been to ensure that the Old Log remains a vibrant regional and artistic community asset."