Fife Council is preparing to sell Madras College’s Kilrymont campus after receiving a number of offers.
The B-listed building in St Andrews went on the market in December 2019 as building work began on the replacement school.
The local authority described it as a rare opportunity to acquire a significant development site in a residential area of St Andrews.
After a few months of marketing, the sale went to a closing date on December 3.
The council received a range of offers as a result.
The sale of the 15.5 acre site includes the 1960s school buildings, sports hall, car parking and playing fields.
It is expected to be available for development from August when the new £58 million school opens at Langlands.
Officers will seek authority to dispose of it at a meeting this week.
However, financial elements of the transaction are being kept confidential.
Ownership of the school’s South Street building has already transferred to St Andrews University in an exchange deal with the local authority.
Fife Council’s head of assets Ken Gourlay said the site would suit residential or business use.
It could also be used for education or community use or student accommodation.
“The existence of the B-listed main school building is a significant consideration in any redevelopment as there is a presumption against demolition and a desire for retention,” he said.
“The broad range of potentially suitable uses in the brief was reflected in the range of proposals outlined by the bidders at the closing date.”
The creation of a new school in St Andrews was agreed after hitting a number of obstacles over 10 years.
Negotiations collapsed between the council and the university in 2011.
Then a legal challenge prevented it being built on the council’s preferred site in the Pipelands area of the town.
This was put down to a delay in construction caused by coronavirus restrictions.
Construction is now back on track and the new building is expected to open in the summer.