Preston High School in the Bronx will remain open after a sale to new owners, officials said Tuesday. 

In an agreement, the Bally’s Foundation purchased the property from the Sisters of the Divine Compassion — the owners since 1947 — for $8.5 million and will lease the property to the all-girls Catholic high school for $1 per year for the next 25 years, New York state Attorney General Letitia James said in a news release.

“Preston High School raises young women to become strong leaders, and I am thrilled that many more generations will benefit from this treasured school,” James said in a statement.

The agreement also gives Preston High School the option to renew its lease for five-year intervals at the end of its 25-year lease term, the release said. 

The lease also gives the school the option to purchase the property and “a right of first refusal” if Bally’s Foundation decides to sell the property in the future. 

Earlier this year, the board of trustees announced the school was set to close in June because of low enrollment and financial issues, but school leadership disputed that.

The Sisters of the Divine Compassion have agreed to establish independent governance of the school, officials said. 

“I am thrilled to hear that an agreement has been reached to keep Preston High School open,” Bronx Borough President Vanessa Gibson wrote in a statement. “At a time when we’ve seen the heartbreaking closure of several Catholic schools in our borough and across New York City, this outcome is a powerful reminder of what’s possible when a community comes together.”

Bally’s took over the Ferry Point golf course, which was originally occupied by President Donald Trump, in January 2024. The foundation is also proposing a potential casino at the Bronx course.