A bid to sell the former police station in Castletown has faced scrutiny over the absence of an up-to-date valuation.
Manx National Heritage is seeking Tynwald approval in principle to dispose of the building, which it purchased in 2018 for £225,000.
Responding to a question from Jason Moorhouse, Enterprise Minister Tim Johnston confirmed the property was valued by the government valuer when the trustees were considering its future.
But Mr Moorhouse pressed for a current figure, noting that conservative estimates suggest the building’s value may now be 50 per cent higher.
He questioned whether selling such a “key asset” for a “trivial amount” made sense.
Mr Johnston defended the approach, saying: “It would seem a little futile to go through that process and time to get a valuation, if the honourable court then decided that it would not support the disposal of the asset.”
Rob Callister suggested the local authority be approached as a potential buyer. Mr Johnston confirmed that while not a statutory requirement, “that conversation would happen to ensure they’re fully aware”.
Lawrence Hooper also asked whether the sale price would exceed any outstanding debt.
Mr Johnston said he expected “an increased value”, but noted the building’s listed status and location within a conservation area made it “a pretty unique building with unique challenges”.
Tynwald will vote on the disposal later this sitting.