The Big Brother house will be demolished at the end of this series because Channel 4 don't have long-term planning permission.
Producers of the programme agreed to use the site for two years because they did not realise how successful the show would be.
The land in Bow, east London, will eventually be turned into a public park by Newham Council.
A council spokesman said: "They will have to clear up the area and leave it like it was. This means taking away the building materials and leaving it as open space."
Channel 4 have refused to say how much the house cost to build, but renovations for the second series cost £100,000.
Ruth Wrigley, head of Endemol UK, the parent company of Big Brother maker Bazal, said: "I certainly believe there will be a Big Brother 3 and I am working on changing the format to extend it to a third run."