The old East Brainerd School property has been sold to a division of Wolford Development for $4.5 million.
The County School Board on Thursday night approved the deal for the site that includes 9.1 acres.
Realtor Robert Fisher said Legends Holdings will likely put in a retail development at the prime site after the school is razed.
It is expected to take about six months until closing.
The school system should net $4,140,000 after payment of fees and closing costs, attorney Scott Bennett said.
Board member Greg Martin said he would like to see that money put into a fund to pay for school capital projects.