Aberdeenshire Council has granted full Planning Permission for the demolition of the school and the erection of two dwelling houses with garages on the site.
The Elphin Street building, which has lain empty since 2009, is coming up for public auction on Thursday.
Selling agents, Online Property Auctions Scotland, say there has been substantial interest in the site, which totals more than an acre of ground.
The former primary school, built around 1960, comes under the hammer with a guide price of £65,000.
OPAS say the magnificent location provides huge potential for a variety of usages as an alternative to the two houses.
These include: an affordable tourist facility, a Glamping operation with the central building offering bolt-on facilities including further accommodation, or the potential to create an income producing lifestyle business. All subject to planning.
The primary school ceased to be used in 2009.
It closed after it was revealed that the cost of providing an education to its pupils was £23,254 a head – more than £19,000 above the average figure for Aberdeenshire at the time.
Council chiefs later ruled it had too few students to function properly and ordered its closure in July that year.