Shirley and Eddie Spear opened the site in 1985 on the remote island in north-west Scotland.
But now the pair have sold the restaurant to hotelier Gordon Campbell Gray, who has operated properties worldwide under his Campbell Gray hotel group.
He will run the Three Chimneys as part of new Scottish hospitality group the Wee Hotel Company, which launched last month.
The Spears' say they want to “travel more and work a little less” but will remain indirectly involved with the business for a transitional period.
“Eddie and I have dedicated most of our working and family life to The Three Chimneys, here in the Isle of Skye and we are extremely proud of how the restaurant has developed over the past three decades,” says Shirley.
“This could not have been possible without the support of many wonderful people, who have all worked exceptionally hard to help us build our reputation over the years. Together, we’ve taken The Three Chimneys’ biggest business constraint – the restaurant’s remote location – and turned it into a unique selling point. We always knew we had to create a memorable experience which exceeded customer expectations in order to grow the business here.”
All staff will keep their jobs and reservations in the restaurant and hotel rooms will be honoured under the new ownership.