The Hamilton School in Aberdeen is to go up for sale with an estimated price tag of between £8m and £10m.
Preparations are being made to put the prime Victorian property in Queen’s Road on the market.
A spokesman for the Hamilton School said last night: “We are devastated that it has come to this, however we have been given no choice because of external decisions that our wonderful, independent school should close with the loss of 85 jobs and the disruption of over 300 children.
“Given that the majority of the Hamilton parents have supported our educational ethos and the school throughout this dreadful time for everyone involved, it is a sad state of affairs that there is just no way back for the Hamilton School which has been educating young people in Aberdeen for almost 40 years.
“We have already been approached by several parties who are interested in buying the buildings, so we are exploring all options at the moment. We have been given no alternative.”
Sources said that the building, which is set in around one acre, is owned privately by school principle Kathlyn Taylor and her family and is not an asset of the company that ran the school, which is now going into liquidation.
It is understood chartered surveyors and property consultants FG Burnett has been instructed to sell the property and are preparing a marketing campaign.
On Wednesday, it was announced that the business was to fold with around 80 staff made redundant, with workers told they will not receive their month’s wages due today.
Jenny Gillon, a former practitioner at the primary school, said of the school sale claim: “I am absolutely disgusted by this. Here staff are, unable to get anything to keep our heads above water and they can walk away with all this money.”
The development came after government education chiefs forced the closure of the school after a scathing report on classroom standards with child protection allegations relating to the nursery, also now closed, referred to police by care regulators.
Parents of around 300 children have been forced to find alternative schooling for their children.
Around 90 primary pupils are now being taught at Braeside Primary, which was brought back into use by Aberdeen City Council within days.
Around 120 extra nursery places have been identified across the city and shire for children.
Redundant workers are due to be briefed by welfare and benefit advisers today after school directors Kathlyn Taylor, her husband Terry and son Mark opted to ceased trading.
One member of staff said last night: “Everybody is still shocked and angry about what has happened and I believe most of us will attend the meeting to get as much information as possible as to what we are due.”
Provisional liquidators KPMG could not confirm last night whether parents would have to apply to recover school fees, which start at around £1,000 a month.