The Rookery Tavern, known locally as "The Rook", on Wood Street in Wolverhampton, was closed down in late 2014 and has been left derelict.
The pub was listed as an asset of community value six years ago but closed soon after. The area has since become overgrown and attracted problems including anti-social behaviour fly-tipping.
It had previously been known for regularly hosting meetings for the English Defence League and is currently the subject of a planning application for 24 apartments.
Bond Wolfe had been set to auction off the property on Thursday, with bids starting from the guide of price of £299,999 for the two-storey building. But it was sold before the auction started, for an undisclosed amount, the auctioneers confirmed.
Plans had been submitted to Wolverhampton Council for the pub to be torn down and replaced by 24 new apartments, but the proposal has not yet been fully approved – although chiefs at the authority have written an "in principle" letter of support for the scheme.
Colin Totney, land and development surveyor at Bond Wolfe, said before the auction the property was a “keenly-priced redevelopment opportunity”.
Mr Totney said: “This site offers an ideal opportunity for a developer. It sits in the middle of a large residential area with local services including a popular and highly successful local primary school.
“Planning permission to redevelop the site for homes has already been secured since the pub closed nearly eight years ago, but this has now expired. The local authority clearly supports the new planning application and the general proposal to provide much needed new housing on the site.”