The monastery was founded in the 15th century by Count Palatino of Kefalonia and Zakynthos, Leonard III Tokkos, in association with his wide, Lappa, to house the miraculous painting of Panagia Anafonitra. Money and power soon followed and the Venetian authorities agreed to offer the monastery, along with extensive parcels of arable land, as a gift to prominent local families. In 1669 the notable Venetian admiral Francesco Morosini provided the necessary funds for the decoration of the church. The frescoes survive to the present day.