Formerly known as Australian Bight Abalone, the farm was placed into receivership twice, but has now been bought out of receivership for the second time.
General manager Verne Lindsay told the Port Lincoln Times that a Queensland-based company had bought Ocean Abalone Australia, located in Elliston, but also purchased a "little land farm formerly known as Streaky Bay Aquaculture".
Mr Lindsay said the Elliston farm had not stopped operating, even during the times it was in receivership, and had continued to employ local people in Elliston.
He also said the Streaky Bay land farm had been operating after being closed in 2011, although it was looking for more stock.
The Streaky Bay land farm will eventually supply the Elliston sea farm with stock to grow in the sea, he said.
Mr Verne said he was "optimistic" about the future of the operations.
"It won't be an overnight success, but we will endeavour to make it successful in the medium term."