Unfortunately, at the moment Airtable does not allow formula fields to evaluate to single- or multi-select values. (Are you sure you want a multi-select field here? Your options sound more single-select-ish…) You can come close to your intended design, but only by adding a column, and only with a caveat.
Your new field should be a formula field with this configuration:
IF(
{Sold Date},
{Sold Date},
IF(
{Item Status},
{Item Status},
BLANK()
)
)
The caveat is that if you use color-coding for select options, you will lose it when the formula field takes on the value of {Item Status}
.