Located in Reid's hometown of Searchlight, the 110 acre property and its eight mining claims were sold to Nevada Milling and Mining for $1.7 million to build a gold-mining operation.
"Landra and I love Searchlight, the place of my birth, and the memories we have had there, but the time came to sell and do something different," said Senator Reid in a statement.
"We want to be closer to our 16 grandchildren who live in Southern Nevada, and be able to spend time with them. This is why we will now purchase a residence in the Las Vegas area. Searchlight will always remain my home, my favorite spot in the world where I can look at the quiet desert for miles at end."
Reid's grandparent's settled in the area in the early 1900s where his father was a hard-rock miner. In his 2009 memoir The Good Fight, Reid wrote of his father, "Even with the physical risk, and the toll on his body, my dad loved being a miner.
"He loved it because he was good at it, and because he was more content battling the earth than being around people...my father was born to mine, and it was the only thing he wanted to do."
According to the senator's office, the new gold mine will create roughly 60 new jobs in Searchlight and contribute to regional economic development.