The off-beat music festival has been held in the English island's Robin Hill Country Park since 2004, growing from an event of just 10,000 people to become one of the U.K.'s best loved festivals.
However on Thursday (15Dec16) co-founder Rob announced Bestival would have a new home at Lulworth Castle in Dorset, England from 2017.
Bestival organisers already had strong ties to the site, which has been home to their smaller family-friendly sister event Camp Bestival since 2008, and they have now sought permission from local officials to hold the main music event there.
In a post on the Bestival Facebook page, Rob, 43, wrote, "We can confirm we have submitted a licence application for a new site at the Lulworth Estate in Dorset and we're super excited about our shiny new Bestival adventure.
"We have an incredible line-up, headliners confirmed and ridiculous new stages and installations coming your way in 2017."
Rob told disappointed Isle of Wight residents that they would receive free tickets and could expect a new event to take place on the island in the near future.
"We remain fully committed to supporting the Isle of Wight through music, charities and projects and will be giving Islanders an exclusive ticket offer for the new site. Plus we're working towards a new event for the Island," he added.
The move comes after organisers chose to run a smaller event this September (16), admitting only 40,000 people, 15,000 fewer than the site's capacity.
In a Facebook post immediately after the event, Rob admitted he had been disappointed with how the 2016 edition had gone and would be making changes.