MONTANA CITY -- Montana City Store and Elkhorn Mountain Inn may not go to sheriff's auction Nov. 5 after all.

Owner Joe Calnan said a buy-sell agreement was signed with three local individuals, and the sale should be finalized Nov. 15.

Calnan said that Monday's sheriff's sale is canceled. However, Mountain West Bank, a plaintiff in the court-ordered auction, didn't return a phone call to the IR to confirm cancellation of the auction.

The prospective new owners are Chris Rehor and Dave and Chuck Hunter.

Rehor and Dave Hunter are owners of the Montana City Grill and Saloon. Chuck Hunter, Dave's brother, is a retired state employee who operates a consulting firm in Helena.

Calnan said the new owners plan to continue both parts of the business -- the convenience store/gas station and the hotel.

They have also hired a former employee, Nikole Calnan, Joe's daughter-in-law, as the store manager, Calnan said.

Rehor said it was premature for him or his partners to talk about future business plans until they close the sale.

Joe Calnan said he will continue to work at the store for the first 30 days after the sale, to assist with the transition.

"The good thing ... is my wife and I can go on with the rest of our lives and there will be local owners. Chris Rehor lives in Montana City. He has kids who go to school here ... I think the Montana City Store and Elkhorn Mountain Inn will survive as a locally owned business option. It will still be the hub of north Jefferson County. It's a nice thing. It's a good ending."

Reporter Marga Lincoln: marga.lincoln@helenair.com or 447-4074