CONNEAUT LAKE — The $152,000 debt of a historic Western Pennsylvania amusement park has been bought by a firm that could move to foreclose on the property to get its money.

The 116-year-old Conneaut Lake Park has been closed the past two summers because of its heavy debt load.

First Capital Finance Inc. was the lone bidder. It will pay Summit Township $200,000 for the park's $152,000 debt. The park's total debt stands at about $2.4 million.

Park officials say they were surprised the township took such a step to recoup the debt.

Township and park officials say they expect First Capital will foreclose on the park property to get its money.