A massive 124-year-old Schuylkill County hospital that has stood vacant for two years may have a new owner.

Ashland Properties wants to buy St. Catherine's Medical Center, 101 E. Broad St. in Fountain Springs, Butler Township, for $550,000, then spend $4 million to $5 million to update the buildings. The new venture could employ 200 people, according to documents filed Monday in U.S. Bankruptcy Court in Wilkes-Barre.The Sovereign Health Group, which would operate the center, "operates dual diagnosis facilities (and) is looking at making the hospital a specialty hospital for inpatient people with both psychiatric and addiction problems," Trustee William G. Schwab said early Tuesday.Ashland Properties is an entity formed by Sovereign to handle the sale.Sovereign operates centers in California, Arizona and Florida. In August, Inc. Magazine named Sovereign in its top 25 list of fastest-growing health care companies, with a 343 percent growth rate in the past three years.The sale must be approved by a bankruptcy court judge.All taxing authorities involved including the federal and state governments, the county, North Schuylkill School District, Ashland Borough and Butler Township were alerted of the possible sale and seemed in favor, said Schwab of Lehighton.The hospital has attracted interest from a number of business groups."At least 10 different groups have toured the facility since it was closed, and this is the first that have entered into an agreement of sale," Schwab said.The 67-bed St. Catherine's, the main part of which was built in 1890, was $5.8 million in debt with $45,000 in cash available in March 2012. The state Department of Health revoked the hospital's license that month because its financial problems posed a threat to patients' health and safety. About 150 people lost their jobs.It declared bankruptcy on April 9, 2012.St. Catherine's was put up for auction in October 2012, but there were no buyers.According to online county property records, the hospital consists of 16 buildings. It was sold in 2001 to PHC-Ashland LC and Property Valuation Services for $2.5 million. It changed hands again in 2006, when it was acquired by St. Catherine Healthcare of PA for $350,250.