All Hallows College in Dublin has announced its intention to seek partners or the sale of the campus in Drumcondra.
Last May, the 170-year-old college, which had been operating at an increasing deficit over many years, said it would close.
About 20 staff from the current total of 72 are to lose their jobs under a redundancy programme.
All Hallows College was founded in 1842 by Fr John Hand as an institution to train priests for foreign missions.
Earlier this year, the college was at the centre of a controversy when it offered for auction a set of letters written by Jackie Kennedy, the wife of former US President John F Kennedy, to Irish priest Fr Joseph Leonard between 1950-1964.
The college had hoped to auction the letters, but withdrew them from sale after a request from the Kennedy family.
The college said today it is seeking a partner or the sale of the campus at Grace Park Road.
It is understood the board of trustees is not looking for a quick sale for cash, as it wants its 260 remaining students to see out their academic studies.
It wants either a partner, which would take account of the needs of its students, or the sale of assets, so that students could be moved to another institution.
The campus is estimated to be worth around €10m.
