The restaurant, set in 22 acres of deer park on the Duke of Bedford's estate at Woburn, was placed in liquidation on 31 December owing more than £400k to creditors and followed the collapse of Alan Murchison Restaurants Ltd in November.
Fanning, who became head chef at the 35-cover restaurant when it re-opened in 2010, now plans to run Paris House as a family business with wife Claire and backed by father-in-law and businessman Nik Millard.
He said: "I have enjoyed three fantastic years as head chef at Paris House during which time the restaurant has won numerous awards including a Michelin Star. I am delighted to have been given the opportunity to own and run it as a family business and I am fortunate to be backed by a very talented and creative team.
"Together we look forward to further developing our menus and welcoming yet more customers through our doors.”
A spokesperson for the restaurant said there were no immediate plans to make any major changes to the restaurant apart from developing the menu which will combine the 'finest local and seasonal produce with modern culinary techniques'.
Fanning worked at Murchison's restaurant l'Ortolan in Berkshire as a junior chef de partie for three years before joining Paris House as head chef in 2010. He won the restaurant a Michelin star and three AA rosettes the following year and earned it a 5/10 rating in the Good Food Guide.
Paris House was part of Murchison's 10 in 8 Fine Dining Group, but was placed into voluntary liquidation at the end of last year owing debts to 84 suppliers, including to Alan Murchison Restaurants Ltd.
Murchison's company was put into voluntary liquidation a month before, itself owing creditors more than £447k. Murchison remains head chef at l'Ortolan and is chef-patron of La Becasse in Shropshire.