The Clarissan order laid the founding stone for its new convent in 1253. Although it had to close in the wake of the Reformation in 1529, the convent reopened in 1578 and remained operational right up until the dissolution of the monasteries in 1836. In 1918, the estate that had changed hands several times since its secularization was eventually bought by the Georg Fischer Corporation, which also bought all 50 hectares of convent lands with a view to providing its employees with both food and housing.

To mark its 150th anniversary, Georg Fischer decided to restore the convent and in 1948 founded the Iron Library as a foundation of the Georg Fischer Corporation. The Iron Library is located in the west wing of the convent and is open to the public.

Georg Fischer opened its Corporate Training Center at Klostergut Paradies in 1974 and enlarged the estate yet again by purchasing the Gasthaus Paradies that same year.