This convent was founded in 1683 by Juan Tomás Enríquez de Cabrera, Admiral of Castile, Duke of Medina de Rioseco and member of the State Council of Charles II. Originally belonging to the barefooted Franciscan nuns of St Peter of Alcantara, it was dedicated to Our Lady of the Immaculate Conception and St Pascual, although it is known as San Pascual Bailón.
In 1836, during the ecclesiastical confiscations of Mendizábal, the convent was suppressed and converted into a warehouse for storing wood, which meant the nuns had to move to the Descalzas Reales convent until 1852, when the Duke of Medina de Rioseco, Mariano Téllez Girón Beaufort, who was also Duke of Osuna, reclaimed possession of the convent through reversion rights, and the nuns were able to return to their former home.
Nothing is left of the original building because in 1861, owing to extension works on Paseo de Recoletos, part of the convent's land was expropriated by the Local Council, which led to its demolition. From 1866, based on a project by architect Juan J. Urquijo, the current building was erected, which housed the nuns once again shortly afterwards.
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