The New York Military Academy, a historic, 126-year-old boarding school located in New York, on Wednesday was bought by Chinese investors for $16 million at a bankruptcy action.

The Chinese bidder, the Research Center on Natural Conservation, is a nonprofit organization established in 2011 by Mo Tianquan. Mo is the founder of SouFun Holdings Ltd (NYSE: SFUN). It is reported that the investors are intending to have the school, whose graduates include Donald Trump, remained as a high school.

The 113 scenic acres academy in March this year sought Chapter 11 bankruptcy protection from creditors as its enrollment plunged. Although the school had promised to continue its operation, it did not open in September as promised.