Manx Museum and National Trust have announced that they will be taking ownership of Castletown Old Police Station.
The news was announced yesterday afternoon.
The package involves using funds from the sale of office accommodation in the name of the Trust and through £100,000 from Trustees' charitable funds.
The likes of Castle Rushen, Peel Castle and the Laxey Wheel are other iconic Island sites also owned by the Manx Museum and National Trust.