The Nunnery has been sold for £5 million.
Politicians have voted in favour of selling the educational premises and lands surrounding it to ICT Limited.
The motion was moved by the Economic Development Minister who asked Tynwald to approve the sale by the Department of Education and Children and Infrastructure.
The International Centre for Technology wants to develop the site into an educational and training facility which specialises in ICT.
19 members of the House of Keys voted for the motion with 5 against - all eight members of the Legislative Council voted in favour of the plans.