The £55m Mearns housing project is expected to create at least 275 jobs.
The project will see the homes developed along with other commercial enterprises, following the submission of plans to Aberdeenshire Council 18 months ago.
Fasque House is perhaps most well known for being the home of 19th century Prime Minister William Gladstone.
Managing director Douglas Dick-Reid said: "We have taken significant strides forward to achieving that by making such a historic project available for weddings, conferences and other special occasions.
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"However, financing the restoration project has been exceptionally difficult, particularly at a time of economic decline, as we seek to keep all relevant work in line with the historic elegance of the people who built it more than 200 years ago.
"That’s initially why Fasque House Properties applied for relevant approval as an enabling development was the only way ahead and we’re delighted councillors have made a supporting decision.
"Future revenue generated from the housing and commercial enterprises will be directed back into Fasque House and other properties on the estate to ensure their survival alongside an overlying business plans for the estate.
"The first phase of the project will involve infrastructure and the development of zone one, which will include commercial enterprises and housing."
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