The palace was built in 1890 by Dimitrie Ghyka to serve as summer residence for the family of boyars. The palace was built in Eclectic style, according to the plans drawn by French architect Albert Galleron. This architectural style was widely spread at the end of the 19th century in the Romanian Principalities.
The palace is surrounded by a park which was considered to be one of the biggest and most beautiful of its time. It included two orangeries and one green house with rare exotic plants. The park was also animated with waterfalls, basins, and a large lake with islands with pavilions and kiosks.
The palace and the park remained in the property of the Ghyka family until 1946, after which the domain was seized by the state, housing different institutions unfit for a historical site, which led to its degradation. In 1979, the palace was restored and transformed into the N. Ghica Museum of Art and Ethnography, which exists to this day. Recently, both the park and the palace have been returned to the heirs of the former owners.