An Arizona home designed by the renowned architect Frank Lloyd Wright that had been targeted by private owners for demolition has been purchased for about $2.4-million by an anonymous buyer who will instead give the house to a nonprofit group, according to The New York Times and the Phoenix Business Journal.

The Frank Lloyd Wright Building Conservancy, which helped arrange the deal, said it would guarantee the restoration and preservation of the Phoenix house Mr. Wright built in 1952 for his son and daughter-in-law. The conservancy is facilitating the creation of a new nonprofit entity to manage the property.

The previous owners, principals in a local development firm, had tussled with preservationists and city officials for months over their plans to raze the house and build new homes on the site.