The opportunity to buy Virginia's best-known geological wonder and 1,600 acres of rural land around it for the asking price of $39.5 million may attract an eager buyer, but not one with tourism in mind.

So says Dennis Speigel, one of the nation's best-known attractions consultants and a former manager of Kings Dominion/Lion Country Safari in Richmond: "I don't think Natural Bridge is going to tickle one of the established tourist players. It doesn't have enough attendance or the potential to make the kind of money that they would expect."

But even if the roadside attraction is not destined to become the Disneyland of the Blue Ridge, a national marketing campaign has generated plenty of interest and talk of other grand possibilities. Recent remarks from Gov. Tim Kaine suggest the state may also be eyeing the park's future, with its primeval bridge estimated at 500 million years old sitting some 45 minutes from Roanoke.

For starters, the property's listing agent, Ed Koepenick, says there's room and zoning clearance for a couple of hundred homes perched on overlooks with Blue Ridge views. Thinking maximum potential, Koepenick says he would advise a new owner to install a golf course and maybe a water park. Horseback riding could be brought back and mountain-biking trails established.

"I think there would even be room up there to put in a private airstrip," said Koepenick, a representative with Sperry Van Ness commercial real estate company in Irvine, Calif. Koepenick uses a Lynchburg office.

By catering both to residents of new housing and visitors who might stay at a spruced-up Natural Bridge Hotel, the next owner could move Natural Bridge closer to reaching its commercial potential, Koepenick said.

It has been four months, though, and Koepenick is without a buyer for his out-of-state clients who are prepared to part with Natural Bridge due to advancing age, several being in their eighties. His own timetable suggests it could take a year to sell. He has heard from people with serious interest, he said.

The package that went on the market last April consists of the 215-foot-high limestone arch, many paintings, drawings and prints of the landmark, a 154-room hotel, gift shop, Monacan Indian village, wax museum, toy museum, cavern, dining, conference rooms and about 1,400 acres of surrounding vacant land. The attractions draw about 200,000 visitors a year, the owners say.

Lexington real estate agent Paula Martin says there has been little development adjacent to the Natural Bridge complex in the sparsely populated southern end of Rockbridge County. New homes, with views of the national forest and the buffer of open space, could probably fetch $500,000 if the real estate market is given time to rebound, she said.

"The Natural Bridge has not been developed as a residential draw. It could be if somebody plays their cards right. The question is, is this the market to do it in?" Martin said. "It would be a very beautiful, elegant place to live."

Buchanan real estate agent Jane Harris would be just as happy to see a new owner leave the expanse undisturbed. If homes are to be built, she favors a grouping of upscale homes with some modest $150,000 to $200,000 homes for longtime local residents and young families.

Is such a buyer out there?

Koepenick said a would-be buyer sent him a letter of intent to purchase the property Monday. He declined to say more, nor to identify a large corporation that said it, too, would sent a letter of intent.

"We've had calls from all over the United States, actually -- California, Colorado, the East Coast, Northern Virginia, Washington, D.C., Florida," Koepenick said. "We've talked to Marriott, but Marriott isn't interested because there's not enough population around for something up their alley, like a convention center."

Ditto for Disney, whose criteria for amusement investments call for a population measured in the millions, rather than hundreds of thousands as is the case in Southwest Virginia.

"We have talked to the people who own Dollywood and [the attractions at] Branson, Mo., and they ... have got some other priorities they are working on now," Koepenick said.

Koepenick said he expects to hear back soon from a contact at the University of Virginia in Charlottesville, with its historic tie to Natural Bridge. Thomas Jefferson, who founded UVa, is a former owner of Natural Bridge, having bought it from England for $160 in 1774, according to the Thomas Jefferson Foundation. It was sold in the division of his estate.

To date, the owners have received at least one offer for the revenue-generating parts of the enterprise, those being the bridge, hotel and nearby attractions. But they're unwilling to break up their holdings to sell that piece alone and risk being left sitting on the vacant land. If they sell the vacant land first, they will part with the bridge and amenities in a separate deal, Koepenick said.

The wild card is the state, although Koepenick said he hasn't heard from Virginia officials.

Kaine said earlier this month that he favors returning Natural Bridge to truly public access and talked about working with the General Assembly to make it happen. Virginia Secretary of Natural Resources Preston Bryant later said that, although the state will not buy the bridge complex, it might explore buying or negotiating a conservation easement to protect it from development.

Virginia has at least twice considered buying Natural Bridge. Gov. William Tuck couldn't persuade legislators to fork over $2 million for the structure in 1948. Gov. Mills Godwin proposed buying it for $4.3 million in 1976 based on concerns that commercial interests were exploiting a natural asset.

Virginia has secured rights to route a road, U.S. 11, across the top of the bridge, said Jaimie Lomasney, spokeswoman for the Virginia Department of Transportation. But the state doesn't inspect the 40-foot-thick arch because it is privately owned, she said. Daily traffic is estimated at 2,000 vehicles.

It's hard to see much of the bridge from its top because there's a fence, which has enabled the owners to charge $12 for an adult, ground-level admission with separate admission charges for the museum. Children's tickets are $6, and there are various packages available for such occasions as Thanksgiving and Halloween. All told, the place generated $7 million in revenue in 2006, according to financial data released by Koepenick. After expenses of $5.9 million, that left $1.1 million before taxes and other deductions.

The biggest two sources of cash in 2006 were the restaurant and bridge, which brought in about $1.8 million each. The hotel brought in $1.6 million in spite of a low-occupancy rate that averaged 49 percent occupancy. That fell well below the national average of 74 percent, according to Smith Travel Research. In the dead of winter, the slowest time for many outdoor attractions, only about one in six rooms was occupied in 2006.

However, a new owner could have a much fuller hotel and a much busier attraction by adding amenities and updates, experienced hotel people have told Koepenick.

Natural Bridge "falls into that category of small regional attractions like Rock City that were all there were before Disneyland, Universal Studios, or the big amusement parks," said Speigel, president of Cincinnati-based International Theme Park Services.

The next owner of Natural Bridge, said Speigel, "will be someone who wants to develop the land and says, 'And I can have a little tourism attraction, too.' "

Most of the ground is zoned one house per two acres, which would enable the owner of Natural Bridge to create about 700 lots without applying for rezoning, Koepenick said. Water and sewer services could be provided, he said. It's probably worth $6,000 to $8,000 an acre, given that vacant acreage in the area is being offered at $5,000 to $15,000 an acre, Koepenick said.

That would account for about $10 million of the $39.5 million asking price, meaning the Natural Bridge resort complex is a $30 million gem in the eyes of the owner.

So, as the bridge stands above Cedar Creek, a stream of potential new owners come by to kick its tires, mixing with summertime vacationers who are unaware that the famed limestone arch now appears in a real estate brochure photo gallery. The bucolic scene, with its moss-covered stones and cooling drafts, is up for grabs while time waits to see whether entrepreneurs or citizens will claim it in their long-term portfolio.

Staff writer Tim Thornton contributed to this report.