The Academy was founded by Plato (428/427 BC – 348/347 BC) in ca. 387 BC in Athens.

The Akademia was a school outside the city walls of ancient Athens. It was located in or beside a grove of olive trees dedicated to the goddess Athena, which was on the site even before Cimon enclosed the precincts with a wall. The archaic name for the site was Ἑκαδήμεια (Hekademia), which by classical times evolved into Ἀκαδημία (Akademia)] which was explained, at least as early as the beginning of the 6th century BC, by linking it to “Akademos”, a legendary Athenian hero.

Aristotle (384–322 BC) studied there for twenty years (367–347 BC) before founding his own school, the Lyceum. The Academy persisted throughout the Hellenistic period as a skeptical school, until coming to an end after the death of Philo of Larissa in 83 BC.

The Platonic Academy was destroyed most likely by the Roman dictator Sulla in 86 BC. Many centuries later, in 410 AD, a sort of "revived" Academy, which had no institutional continuity with Plato's school, was established as a center for Neoplatonism and mysticism, persisting until 529 AD when it was finally closed by Justinian I.

Other schools in Constantinople, Antioch and Alexandria, which were the centres of Justinian's empire, continued.

More Info: en.wikipedia.org