Historic Old Forde House, Newton Abbot, must be made to pay its way as Teignbridge Council seeks to cover the running costs which last year left a gap of more than £36,000 in the district coffers.
The 500-year-old Grade I listed property, which has in the past played host to royalty including King Charles I, is at present home to a few 'essential' council offices but mainly used for meetings, conferences and community events.
Last year 25 weddings were held, bringing in just over £10,000. Other bookings brought the total to £112,00 but total running costs exceeded £148,000.
The authority has considered a number of options including disposal but experts have said the value would be 'nominal' owing to high maintenance bills and the limitations associated with historic buildings.
Both the National Trust and English Heritage have turned down the opportunity to acquire it.
Conversion into 'quality' offices would cost the council £650,000 and also mean having to find alternative venues for the functions which currently take place there.
On Tuesday, members of the council's executive will instead be recommended to approve a plan designed to maximise income.
A new house manager would be appointed to improve marketing. Room charges, which currently range between £57-£180 per day, could rise.
The main function of the house would be that of a training centre with the grounds being used for more concerts and outdoor events.
A five-year programme of improvements would include better signage and landscaping.
In a report due to go before councillors it said: 'The council is unlikely to find an appropriate organisation that would be willing to take on the responsibilities presented by this Grade I listed building.
'The office space within Old Forde House is an essential facility for the council and there are no cost-effective alternatives.'
Although parts of the house date back to 1540 most of it was built in 1610.
Its 'E' shape is thought to be in honour of Queen Elizabeth 1 who died just prior to completion.