It was built in 1000 to 1100 AD without any precise data. There are two prevailing stories, one that it was built by Stavros and Nikitas and the other by Nikiforos Stavronikitas, an officer of the emperor John Tsimiski.

 

Today in the Monastery is kept the mosaic icon of Saint Nicholas, which is said to have had an oyster on the forehead of the Saint when it was found in the sea. When the oyster was removed, blood flowed from the spot where his forehead was depicted. The monastery is inhabited by about 45 monks and celebrates 19 December (Julian Calendar - the feast of St. Nicholas).