Quoting Eliot Wilson from 19:29, 15th May 2005
The Marquess of Bute wanted to rebuild it, I believe, as a graduation hall for the University.
Given his election to serve two terms as Rector, his donation of money to build the medical buildings (which are architectrally not bad at all) and apparent desire to rebuild the cathedral, Lord Bute seems to have been a pretty sound sort of person, are their any decent biographies published of him? SAULCAT seems not to have anything on him.