The square fell into disuse after the district court disbanded, and, in 1817, the city's trustees sold half of the city square to raise money for the establishment of an educational institution known as Danville Academy. The money was to be used to buy at least of land within of the square on which to locate the academy. On February 13, 1818, the trustees voted to sell the other half of the square and allocate the money to the same purpose. There is no record that Danville Academy was ever established, however; advocates of the academy's establishment apparently combined their efforts with those of the individuals who established Centre College in Danville, and the funds that had been designated for the founding of Danville Academy were re-allocated to Centre.