The owners of the property said they have accepted an offer from a company called Go the Distance Baseball LLC.
The company said it will preserve the site's legacy by developing a baseball and softball complex.
The family who owns the land put it up for sale last year. They were asking for $5.4 million, but an actual purchase price was not disclosed.
The parcel includes the two-bedroom house, baseball diamond, six other buildings and 193 acres - mostly cornfields - from the movie.
The film, released in 1989, was based on the book "Shoeless Joe" by W.P. Kinsella and starred Kevin Costner. The site has been a popular tourist destination ever since.
The Associated Press contributed to this story.
