MONTICELLO, Ind. (WLFI) -- After going up for sale in July, the Madam Carroll on Lake Freeman now has new owners.

Chris Peters and Chris Lehe partnered together to buy the boat and the surrounding property that went on the market with the asking price of $725,000.

Peters, originally from Lafayette, and Lehe, originally from Brookston, are very familiar with the history of the Madam Carroll.

"We grew up going on the Madam Carroll and this is something you never really think about and then the opportunity just happened and it's been great. We're really excited to start the next season," said Lehe.

From 1976 to 2012 the Luse family owned and operated the Madam Carroll.

Peters said their goal is to respect the legacy of the Luse family.

"Just as much as the boat is a part of the community, I think their family is as well so it's important for us to carry on the historic tradition of the boat but also bring it up to speed in terms of technology," said Peters.

Since 2012 the Madam Carroll has been owned by Tom Heckard of Logansport.

Peters and Lehe credited Heckard for his work in restoring the boat.

In addition to updating the technology on the boat, they hope to add more entertainment options and hold more family friendly cruises and brunches.

The pair also hopes to extend the operational season and make tickets available online.

Everything on the boat is currently cash only and that is another thing the pair hopes to change to make it more convenient.

Peters and Lehe will officially take over on Nov 1. Until then they are shadowing Heckard and assisting with this season's operations.