Wellspring Associates L.L.C., an investment firm whose partners include Neil Young, the rock singer, said yesterday that it would buy Lionel Trains Inc., the world's largest maker of toy trains, from Richard Kughn, a Detroit businessman.

The price was not disclosed.

In a separate transaction, Wellspring said it had also acquired the trademarks for Lionel model and toy trains from the Lionel Corporation, a company that is not linked to the manufacturer. Terms of that deal were not disclosed.

The chief executive and managing partner of Wellspring is Martin S. Davis, the former chairman and chief executive officer of Paramount Communications Inc.

A spokesman for Wellspring said the Lionel Corporation was bankrupt. Its shares last traded on the Nasdaq market in January of this year. He said that the investment firm had bought the trademarks to "protect the Lionel name."