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Fratry is situated on the Paley Island of the Onega Lake.
According to the legend, it was founded in the 14th century by Cornelius, the monk from Pskov, who lived in the cave between rocks. Cornelius Paleostrovsky became famous in Karelian region by the greatness of his holy deed. The saint was born in Pskov, then he lived in solitude on Valaam, from where he moved to the Paley Island after hearing God’ call. There he had visions of God. The hermit wasn’t lonely Desert Father. People got to know about him. They used to come to him for advice, several of them stayed to live with him. Then the mansion emerged. But even taking care of the mansion, the reverend didn’t forget about his cavern cell. In the cave, naturally located at the root of the mountain at the same island, he granted his soul to God, after saying prayers, keeping a fast and wearing heavy fetters. He left a lot of followers and wonderworks. It is evidently known that Zosimus, future founder of Solovki Monastery.

3XVIII-XIX centuries are the most wealthy time for the mansion.
The monastery is one of the oldest in this region.

The church secession was dark time for the mansion. Nicon, the patriarch, sent bishop Paul Kolomensky into exile to the far Onega Monastery. Paul was the only bishop who supported Ole Believers. After some years the bishop’s adherents – monks of Old Believe, who survived after devastation of Solovki Monastery by the tsar guardians – came to the island. People of Solovky gathered in the northern lands more than five thousand peasants, Old Believers. They brought peasants to the Paley Island and organized massive self-immolation. People gathered in the wooden buildings and set themselves on fire. Even in the present time a lot of ash and burnt bones could be found on the territory of the monastery inside the earth.

At the present time the monastery is being renovated and is existing fratry.