Built in 1780, the monastery was founded by Alexandros Ypsilantis during his exile in Rhodes. He was a Greek prince, ruler of Walachia and Moldavia, engaged in various wars against the Ottomans. His grandson lead the Filiki Eteria that began the Greek Revolution in 1821. There are two contrasting stories involving the founding of this small monastery. One has Ypsilantis bringing his daughter to this area to cure her from tuberculosis (the water from the mountain spring was considered to be therapeutic). In gratitude, he founded this small monastery dedicated to Virgin Mary and named it Kalopetra, meaning good stone. Another story has the prince building the monastery after surviving a terrible sea storm with his two children; Ypsilantis was guided to safety by a divine light emanating from the area.