During the first half of the sixteenth century Jacobo Függer decided to rebuild the this hermitage, formerly known as the chapel of the Savior, to be grateful for the benefits received by Carlos V, who, as payment for his banking services, leased him the office of the Head Master of the Military Orders and granted him the exploitation of the mercury mines of Almadén. Belonging to the Függer family can be observed the brackets decorated with the heraldic emblems of the family and the Latin inscription of the facade:
"I, Jacobo Függer and the children of his brothers, give, donate and dedicate to the greatest savior, what is there and also what is to be expected, outside and inside this chapel, as a testimony of piety and religion".
During the 18th century, it became known as the Church of San Blas and since 2005 it is one of the stage venues used by the Almagro International Festival of Classical Theatre. With an approximate capacity of 300 spectators, it hosts concerts and exhibitions and it dispose as well of spaces to organize workshops and meetings.