The Nunnery will be sold by the Manx government for ?5 million.
Tynwald has agreed to sell the site to the Manx Educational Foundation to develop an ICT Centre.
Despite concerns over some of those behind the proposals and the long-term viability of the complex, members agreed the new centre could be a real asset, address skill shortages and prepare workers to enter the 'rapidly growing e-business sector'.
The new training centre will provide undergraduate degrees and bespoke courses.
The Nunnery Mansion House was built in 1823 and the estate includes a chapel, stable and two swimming pools.
After a long debate, member of the economic development team Ramsey MHK Leonard Singer, urged members to seize the day:
The vote was 27-5 in favour of the scheme.
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