The monastery was founded in the late 19th century by Archimandrite Athanasios Ladopoulos.
Tradition has it that when he was returning from a mill, he noticed his animals stop in front of a snake. When the serpent disappeared, he saw a vision of the Virgin Mary who instructed him to dig into the hill, find her icon and build a church on that exact spot.
He did as he was told and found the icon, which is now displayed in the church of Faneromeni ‘Our Lady Revealed’.
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