The Department of Environment, Food and Agriculture (DEFA) is to let Knockaloe Farm to agricultural tenants.
Via estate agent Chrystals, the Department is advertising the opportunity to rent the farm as a whole or in lots.
Knockaloe is historically significant as it housed an internment camp during World War One. More recently, Government operated it as an experimental farm. That closed in 2010.
Last year, after public meetings and consultation, DEFA invited interest from organisations keen to invest in developing the site to incorporate visitor attractions, education, food and heritage.
However, after careful consideration, the Department has opted not to pursue any of the proposals at present.
The site will also continue to house the Mart and the Royal Manx Agricultural Show.
DEFA will adopt a suggestion that emerged during the consultation process and create a new pedestrian route through the farm. It will also investigate other proposals that emerged.