The historic mill, which has been in the Co Tyrone village since 1835, has been bought by Strabane Euromillions winner, Margaret Loughrey.
It was confirmed this afternoon, that after months of negotiations, that Margaret Loughreys Reymill Ltd has bought the site.
It's believed the Euromillions winner has bought the historic site for around £1,000,000
The Strabane woman shot to fame when she hit the 27 million pound lotto jackpot in December last year.
It's understood that Ms Loughrey wants to turn the 61 acre site into a tourism hotspot.
She plans to revitalize the chimney tower, the industrial grounds, refurbishing the office blocks and recreating what the old mill was like in the 1800s.
Plans are also in place to build a bowling alley, a karting track, recreational sports facilities and a restaurant.
Ms Loughrey says its all part of a 10 year plan, and it's hoped it will create hundreds of jobs for the local area and pump millions into the local economy.
The deal to buy the mill will put an end to plans to bring an anaerobic digester to the site.
The deal, which was brokered by Ronan McAneny Ltd, was confirmed in the past hour.