The Florida Central and Peninsular Railroad (FC&PR) leased the ASR&G in 1899, and contracted with the Atlantic Lumber Company to extend the line to Wannee, a distance of 22 miles (35 km).

Operation of both the FC&PR and the ASR&GR was taken over by the Seaboard Air Line Railroad in July, 1900, and both were formally adsorbed by the SAL in June, 1903.

From its founding until its absorption by the SAL, the ASR&GR had served primarily to feed timber and lumber to the FC&PR.

The track from Buda to Bell would remain as a spur of the West Coast Subdivision (an ex-ACL line) until the 1980s.

In the 1990s, CSX rebuilt a short segment of the Atlantic, Suwannee River and Gulf Railway to Hainesworth to reconnect with the remains of the former Jacksonville and Southwestern Railroad, which had just been severed from its system.