It appears that RCA Studio A has been saved from demolition.

Bravo Development announced Friday (Oct. 3) that the Studio A building is under contract to be sold to AMT Trust LLC for $5.6 million. Terms of the contract have not been disclosed. The company had given potential buyers a deadline of Tuesday (Sept. 30) at 5 PM to submit offers.

"We have worked diligently to find an appropriate buyer and received multiple offers in the final hours before the deadline, including some from developers who did not intend to save the building," says Tim Reynolds, who heads up Bravo Development. "In light of public concern, we ultimately decided to select the buyer that plans to preserve the building and hopefully open it to the public."

Aubrey Preston, a philanthropist from Leiper's Fork, Tenn., is the founder of AMT Trust, which is a non-profit organization. According to the New York Times, the preservationist and developer is part of the Americana Music Triangle project, which "seeks to promote music tourism and tie together the story of roots music as it emerged in Nashville, New Orleans, Memphis and the surrounding areas."

According to a press release, AMT Trust will be looking for "a preservation-minded owner" for Studio A. While Bravo Development reported that the building was in disrepair, a new study funded by the Save Studio A campaign offered differing results and supported claims that the historic studio could be saved.

"I felt like I had to get it under contract or else we weren’t going to be able to save it," Preston says. "The most important thing about this was that we just needed to get it in a safe harbor, and then we can decide what to do with it."

Ben Folds, who has rented space in Studio A for the last 12 years and was vocal in the fight to save the historic building, says on his Facebook page that he is "encouraged about the news of the impending sale" and "look[s] forward to discussing ... what the future holds for the studio space once the deal closes."

Studio A was founded in 1964 by Chet Atkins and Owen Bradley, two top Nashville guitarists who were among the chief architects of the Nashville Sound. The space has been home to recordings from artists including Lyle LovettRonnie MilsapWillie Nelson, the Oak Ridge BoysVince GillFaith HillAlan JacksonJosh TurnerCarrie UnderwoodLee Ann WomackHank Williams, Jr.Lady AntebellumMiranda LambertKacey Musgraves and the Beach Boys, among many others.

Bravo Development purchased the building in July for $4.075 million. In early September, tenants were informed that they needed to be out of the building by Dec. 1, and it was revealed shortly after that the building was slated for demolition.