The monastery was built by the Venetian nobles Jeremiah and Lawrence Tzagarolo. Jeremiah was a famous scholar of his era with rich education and was a friend of the Patriarch of Alexandria, Meletios Pigas. Jeremiah himself was a candidate for Patriarch of Constantinople. Moreover, Jeremiah designed and built the monastery complex of the monastery, being affected by the architect Sebastiano Serlio from Verona, Italy.
The monastery today hosts a small museum with various pictures and icons. The most important are the 12th century cloth for covering the altar, the icons of St. John the Theologian (16th century), St. Nicholas (17th century) and the icons of the painter Skordilis: the Enthroned Christ, Living Spring and the Second Coming (1635-1645).
Today, after the numerous historical adventures, the monastery continues to play an important role in the religious and economic life of Crete. It is Stavropegic, which means that it is directly managed by the Ecumenical Patriarchate of Constantinople. Visitors will see an incredibly well-preserved and vibrant monastery that produces and exports organic olive oil, wine, honey, vinegar and olive oil soap of unique quality.