Gillian's Island Waterpark and Adventure Golf, one of the Gillian family's amusement properties on the Ocean City Boardwalk, has been sold to an investment group and will be known as "Adventure Island" when it reopens for business in May.

According to the Ocean City Gazette, the sale is expected to be officially announced today.  The name on the Gillian's Island Waterpark website has already been changed to Adventure Island.

Gillian's Island, open since 1984, was owned by Jim Gillian, the brother of Mayor Jay Gillian, who owns Gillian's Wonderland Pier. The brothers are the third generation of the family involved in the amusement park business in Ocean City, dating back to 1929.

Popular attractions at the water park, including the Lazy River, Splash Down Falls and the Serpentine Slide, are expected to return under the new ownership.

A decision was made earlier this off-season not to reopen the family's amusement park in Sea Isle City, Gillian's Funland, which suffered extensive damage during Hurricane Sandy.