A residential property that the council purchased in 2006 prior to proposed road realignment of Undercliff Drive is being sold with a guide price of £280,000-£300,000.
The road closure will remain in place until Island Roads are advised by the council what actions they are taking to ensure that it is safe to re-open the road.
The Isle of Wight Council is advising members of the public to observe closure barriers on East Cowes Esplanade following the landslip in the area in late April.