The future of the Yorkshire Sculpture Park has been secured with the sale of Bretton Hall to Wakefield Council.
The park includes works by Henry Moore in the grounds of Bretton Hall
The University of Leeds is selling the hall, which houses the park in its grounds, after announcing its plans to leave the site in 2007.
Deputy leader of the council Phil Dobson said they had moved swiftly to secure a valuable asset for people living in the district.
But the council refused to reveal how much it was paying for the site.
Mr Dobson said: "This is an extremely important building, and directly impacts on the future of the Yorkshire Sculpture Park.
"By agreeing the purchase with the university, we will keep Bretton Hall in public ownership, and protect its future use so that it does not conflict with the sculpture park."
The university said its involvement with Wakefield would continue through its new centre in the city and in its work with Wakefield College, the council, schools and employers.