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Birnbeck Pier in Weston-super-Mare has been bought by a carpenter turned businessman for £400,000.
The new owner, James Scott, grew up in the town and is planning to convert the pier into appartments and an ice rink.
Mr Scott says he is to plough millions into the project which would also see shops and a helipad open at the former attraction.
He says the pier, currently in a state of disrepair, could reopen with 120 new flats within three years.
The pier was opened in the late 1800s and links Weston seafront with a small island.
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