It was established in 2008 by the Bilim ve Sanat Vakfı (BiSaV or BSV, English: Foundation for Science and Arts).

[2] The university was closed down on June 30, 2020, after it faced financial difficulties stemming from a legal land dispute, which in turn was fueled by a bitter political feud.

In November 2019, the university faced financial trouble and was unable to pay the salaries of faculty members and the scholarships of students despite its revenue of millions of dollars.

The reason was a freeze on its assets imposed by a court order, after a year-long trial, on request for an arrestment of funds by the state-owned Halkbank, which had concerns regarding the pay back of a US$70 million credit.

[17] A real estate, which belonged to the state-owned monopoly company Tekel, was transferred free of charge to the university as campus ground, and became subject of security for a credit from the Halkbank.