The family that owns Costa Mesa-based printing equipment and software maker Troy Group Inc. has acquired Pasolivo, an olive oil company and ranch in Paso Robles, where it plans to develop a new line of products and vacation rentals.

Pasolivo has 45 acres of olive trees and an on-site olive mill. The deal included the surrounding 131-acre ranch on California’s central coast.

Terms of the sale were not disclosed, but records from San Luis Obispo County show that the Pasolivo business is valued at $403,000 and the entire property at $1.4 million.

The Newport Beach family paid more than the assessed market value, according to Brian Dirk, president of Troy Group.

Dirk said coming changes for Pasolivo will include additional planting, equipment upgrades for oil pressing, a remodeling of the tasting room and development of proprietary olive oil-based bath and beauty products. He also said the family plans to convert three homes on the property into vacation rentals.

The Pasolivo sale was part of a court-ordered asset liquidation process for Karen Guth, who is convicted of fraud involving tens of millions of dollars through her now-bankrupt Estate Financial Inc. in Paso Robles.