Wakefield Council is close to selling the popular 17th Century venue Woolley Hall.
The council accepted an offer on the Grade II listed building in April after putting the country house up for sale in September last year.
The historic hall has been used as a college, wedding and events venue over the years.
But the council was forced to put the building up for sale in a bid to save £200,000.
A council report said the hall and its stables needed maintenance work which would have cost around £2.7m over the next five years.
The hall was given a guide price of £3m, which included the main house, two stable blocks and the courtyard.
Coun Graham Stokes, Wakefield Council’s cabinet member for modern public services, said: “We accepted an offer in April for the purchase of Woolley Hall and it includes the associated land and buildings and the relevant processes are well under way to conclude the details.
“Whilst the details of the sale are commercially confidential at this point in time, we expect that completion of the sale will secure the future of this magnificent building and its stunning grounds.
“The proceeds from the sale will be used to support the council’s capital investment plans across the district.
“It will also provide an annual budget saving to help us deal with the funding cuts imposed on us by the government.”
The council bought Woolley Hall, which is near Woolley Park Golf Club, from the Wentworth family in 1947.
The country house was put up for sale through chartered surveyors Sanderson Weatherall in Leeds.
Woolley Hall originally belonged to the Woodrove, or Woodroffe, family who sold it to the Wentworth family in 1559.
Sir Richard Woodroffe was the High Sheriff of York between 1510 and 1518.
Woolley Hall is an example of early Jacobean architecture and was built in 1635.
The country house was renovated around 1800 by architect sir Jeffry Wyatville, who was employed by George IV to remodel Windsor Castle, which earned him a knighthood.