The Premonstratensian canons founded the monastery, dedicated to Saint Olav, in Tønsberg in the second half of the 12th century, possibly in or shortly before 1191.
It was nevertheless unable to resist secularisation in 1532 during the Reformation, when King Fredrik I granted it as a fief to Erik Ugerup.
The monastic buildings were badly damaged by a fire in 1536, although possibly some may have been repaired to serve as the residence of the owner.
There may be some connection between the shape and the cult of Saint Olav, which was centred on his shrine in the octagonal chapel at the east end of Nidaros Cathedral.
Although it seems clear that the conventual buildings were attached in some way to the church, it has not so far been possible to establish their exact layout.