The old Boroughmuir High School in Edinburgh is to be sold to developer Cala Homes.
Councillors have decided to sell the site to the company for £14.5m.
The decision was made at the Finance and Resources Committee of the City of Edinburgh council.
Twenty bids had been made to the City of Edinburgh Council for the site in the Viewforth area of the city.
It will become vacant once the high school moves to its new site in August 2016.
Out of the Blue bid £6.2m for the site in the hope they could open a new arts hub in the school.
The City of Edinburgh Council has approved a report on the sale of the current Boroughmuir High school to CALA Management Limited.
The money gained from the sale of the site will provide £5m towards construction of the new Boroughmuir High school as well as providing a further £9.5m to invest in other schools in the city.
Cllr Alasdair Rankin, Convener of the Finance and Resources Committee, said: "It is the Committee's job to make decisions which provide best value for Edinburgh's residents and this sale will provide much needed funding for education, one of our high priority areas.
"The decision will provide funding for the new Boroughmuir High school as well as improving and upgrading other educational centres throughout Edinburgh."
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