A former royal residence built between 1679 and 1681 by Prince and ruler Serban Cantacuzino, the palace was home to King Carol I, who made important changes in its architecture. At the end of the 19th century, Heir-to-the-Crown Ferdinand ordered the partial demolition of the palace, which was later reconstructed by French architect Paul Gottereau in neoclassical style. In 1977, Nicolae Ceausescu transformed it into an official guesthouse with the addition of a new wing.
After 1990, the old wing of the palace became a museum. The Oriental Hall, the Norwegian Hall and the Queen’s Chamber are almost unchanged from the original design and are worth visiting. Very important collection of medieval art also can be seen here. The new wing serves as the seat of the Romanian Presidency.