The Miami Seaquarium is being sold to a California and Spain-based company, Palace Entertainment.
The company signed an agreement in the past month to buy the 38-acre park on Virginia Key. But the Miami-Dade County Commission will have to vote to approve the transaction since the seaquarium leases the land from the county.
"We never put ourselves up for sale but that doesn't stop people from making offers," said Andrew Hertz, President and General Manager at the Miami Seaquarium.
The new owners are also considering a price hike to improve the venue. Currently, adults pay $41.95 and children (ages 3-9) pay $31.95.
Another issue on the table is the killer whale, Lolita.
Managers and current owners are taking a stand on a petition that claims Lolita should be declared endangered and set free.
"Lolita is well cared for, she's been here for 43 years and she's not going anywhere," Hertz said.
Hertz told The Miami Herald that talks had been underway for more than two years. The company is a subsidiary of Spanish theme park operator Parques Reunidos.
The park opened in 1955.