British tennis's governing body, the Lawn Tennis Association (LTA), is selling the club on a 120-year lease.
The LTA is relocating its headquarters by early 2007 to a new state-of-the-art tennis academy in Roehampton.
Queen's will be sold on the basis that it will retain a rackets club and that the Stella Artois Championships or any future tournament remain unaffected.
The proceeds of the sale will be re-invested in the long-term development of the sport.
Some club members have objected to a sale on the open market, claiming they should be given first refusal.
But LTA chief executive John Crowther says no documents have been produced that would suggest a sale cannot take place on the open market.
