The Batsiks paint shop, once one of the country’s largest art collectors, closed in June and was later sold for just $5 and sold to a new owner.
The owners had taken out a loan of $4m (£2.2m) to buy the business from the former owner, a man known only as Noh.
The painting gallery and the former owners were also bought out in the same transaction, but the owners have not been named.
Batik Paint has long been a favourite of local people in Batik, a city in the far west of Malaysia’s main island of Sulawesi.
The Batik area has become famous for its colorful street art, which is often accompanied by the words “Batik” or “Batiks”.
“We are very happy to see the shop has become a tourist destination,” Batik Mayor Anwarul Islam said.
“Batika and Batik have always been important cultural centres in the island.
We hope this will be a way to attract more visitors and bring more people to the city and the island.”
Batik has a large population of Batsians, including several of Batik’s famous artists, including painter Anwar Ali who has been the subject of a number of paintings, including a painting of a tiger and a mural of a man walking through a city.
“Our museum has become the largest museum in the world, and we hope to keep it that way,” Mr Ali said.