Memramcook Institute will soon be up for sale, Transportation and Infrastructure Minister Claude Williams announced on Friday.
The well-known Acadian landmark, located about 20 minutes from Moncton, is owned by the provincial government.
The government leased the 165,000 square-foot building for $1 a year to the Memramcook Institute.
But the institute accumulated a debt of $4.5 million and declared bankruptcy on July 5, laying off 80 employees.
The government struck a committee in August to review its assets and recommend sustainable, viable options for the future of the property.
The heritage building, which dates back to the 1800s, has hotel rooms, a spa, restaurant, golf course and banquet facilities.
Under the request for proposals, any buyer will have to respect historical, cultural and economic importance of the building, Williams said.