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.