One of Wyoming's most iconic watering holes has a new owner. After 30 years at the helm of the Million Dollar Cowboy Bar, Art and Carol Andersen announced the sale of the historic Jackson saloon yesterday to Baxter Properties, which has owned the nearby Wort Hotel since 2004.

Originally constructed in the 1890s, the building was among the earliest commercial buildings in the area. After serving as a doctor's office, and later as the town's first bank, it eventually became Ruby's Cafe and Beer Garden.

In 1937, it was renamed the Cowboy Bar and was granted Wyoming's first official liquor license following the repeal of prohibition. Renamed the Million Dollar Cowboy Bar in the 1940s, it ranks among Jackson's most popular tourist destinations.

Baxter Properties is led by Bill Baxter, who also serves as chairman of the Knoxville, Tennesee-based Holston Gases corporation. Aside from a few renovations, Baxter doesn't plan to make any major changes.

"Our family just feels honored to have the opportunity to be stewards of both these historic properties in Jackson. They are two of the most iconic properties here. We take that very seriously and are completely committed to it," he told the Jackson Hole News & Guide.