The State Fair of Virginia and The Meadow Event Park could change hands again.

Universal Fairs LLC president Mark Lovell bought the 150-year-old fair's intellectual property and the event site at an auction for $5.67 million on May 22. He tells The Richmond Times-Dispatch (http://bit.ly/MaVqEO ) that a group later approached him with an offer to buy the fair and the event site in Caroline County.

Lovell says he made a counteroffer. If the group accepts it, the property will be sold.

He didn't identify the potential buyer.

Lovell says he planned to operate the property as a "full-event facility" with the fair and other activities, such as trade shows. But if the price is right, he's open to selling the property.