If you are a connoisseur of fine art and history, then here is an opportunity to own a property that has an abundance of both and a royal past to boot.

The Palais Auersperg in Vienna, a world-famous palace made in the Baroque architectural style with a 300-year history, is up for sale.

Even though the grand palace has been valued at more than Dh185 million, a precisely structured bidding process will give investors around the world the opportunity to submit bids for the historic building till October 1.

Palais Auersperg, which was owned by the Royal House of Auersperg, was built around 1706.

With its view of the Parliament building and its immediate proximity to the Hofburg Imperial Palace, the world-famous Vienna State Opera and Vienna's principal museums, Palais Auersperg is an eclectic mix of ambience and style. Dr Berndt Kretschmer, head of Stiller & Hohla, the sole authorised real estate agency handling the sale, told Emirates Business: "It is located in the historic centre of Vienna [government district] opposite the Parliament, Hofburg [former emperor's seat], Präsidentschaftskanzlei [seat of Austria's president], Bundeskanzleramt [seat of Austria's chancellor], Burgtheater, Vienna City Hall, Vienna University and all the exceptional tourist attractions that Vienna offers. A main underground station is in front of the property. Drive time to Vienna International Airport is 20 minutes.

"As the palace has its own park, this is the main recreational facility at the property. Burgagrten, Vienna's biggest park next to the Hofburg, is within sight. All Vienna museums, theatres, famous coffee shops and the city's main shopping streets are nearby."

The splendour of the location is augmented by the fact that it is probably the only palace in central Vienna to have a park of its own. This means 6,000 square metres of peace and quiet in the middle of town. To add to this is the breathtaking beauty of the sumptuous staterooms on the first floor, the Belle Etage. The land on which the palace, orangerie, cellar vaults and park are situated measures 9,337 square metres.

Kretschmer said: "The premier rooms at the Belle Etage are full of precious baroque-style decoration and art pieces such as statues, oil paintings, historic fabrics, tapisseries, precious marble and wooden floors. The palace is predestined as an embassy or quite representative company's headquarters."

The palace comes with 300 years of history behind it and has hosted royal guests such as Emperor Francis Joseph, his wife Elisabeth and practically all members of the imperial family.

Kretschmer said: "It is the most important and impressive palace in the very centre of Vienna with it's own two acres of English park. Austria's last 300 years of history are closely connected to the history of Palais Auersperg. All European emperors and leaders of the last centuries and decades and celebrities such as Mozart were here."

The palace also had its fair share of romance and drama as Princess Cröy-Dülmen, who inherited the palace in 1942, hid members of the Austrian Resistance in the building's extensive cellar vaults. In 1944 the Provisional Austrian National Committee was founded in Palais Auersperg and its sign, "O5", became a symbol of resistance against the National Socialist regime. Some of its proponents later joined the post-war government of Austria. From 1945 onwards, the palace served as the headquarters of the Allied military police, as well as the location for several scenes in the Oscar-winning film The Third Man, starring Orson Welles.

The consul Alfred Weiss, owner of the coffee brand Arabia, brought new life to the palace in 1953. With his refined artistic knowledge, he was able to build a bridge here between the past and present. Soon thereafter, the palace, with its splendid art collection and stylish coffee house, developed into a hub of high society.