The site of a former care home for the elderly in Melton is being sold off for development with a guide price of £750,000.
Catherine Dalley House, on Scalford Road, was closed last March by Leicestershire County Council.
The council said it could not afford the £315,000 required to upgrade the home, in light of budgetary pressures at County Hall.
The upgrade at the home, which was converted from a hunting lodge, was needed to keep up with care standards.
Property consultant Carter Jonas is selling the two-acre freehold development site with vacant possession on behalf of the council.
Planning permission was approved in 2009 for 12 residential units on the site but that has since elapsed.
The site is rectangular in shape and houses 25,683 sq ft of existing buildings.
As well as Catherine Dalley House, it also encompasses the Silverdale Hostel, which has been vacant since 2006, and two cottages.
There is a protected tree belt along the Scalford Road end of the site.
Nick Muncey, an associate at Carter Jonas, said: “The site in the market town of Melton Mowbray has the potential for a wide range of alternative uses, subject to planning permission.”
An open day will be held on Wednesday (September 20), from 10am until 12 noon.
A decade ago, campaigners launched what turned out to be an unsuccessful campaign to keep Catherine Dalley House in local authority hands.
They were also fighting against council proposals, at that time, to sell the site on to independent providers.