The site of the swimming pool is to be sold off to raise capital for the council
Bridgwater will be without any public swimming facilities after a decision by Sedgemoor District Council to close the existing Splash pool.
The decision to shut the pool and sell off the ground has come despite strong opposition from locals who marched through the town in protest.
The council had originally agreed to not close the pool until a new one was built, but has run out of money.
The date for the closure will be decided on later in the month.
The council claims the pool currently costs the tax payer £700,000 per year.
Duncan McGinty, leader of Sedgemoor District Council, said: "By banking the savings, it will bring a new pool to us sooner.
"It's going to happen. It's just a question of when rather than if."
The council are aiming for 2012 as a timescale for a new pool and have committed £1.5m to do the ground work.
They are in negotiation with the county council as the pool will be incorporated into a district leisure centre