PICS: Buckhead’s Famed 'Pink Palace' Mansion Sells For $4.3M: Report

ATLANTA, GA -- Fans of regal architecture have long known the mansions on West Paces Ferry Road offer a glimpse of Atlanta's gilded past. But now one of those homes, affectionately called the "Pink Palace," has sold after months on the market. Built in the Roaring 20s, the European-style estate at 541 West Paces Ferry features 12,000 square feet of opulent decor.

The home has been a tourist magnet through the years, after being foreclosed in 2012. In February, it was relisted for just under $5 million as Patch reported, a steep drop from its $20 million asking price before the 2008 recession.

After being on and off the market in recent years, the mansion sold this week for $4.3 million, according to the Atlanta Chronicle. Bonneau Ansley III and Ansley Atlanta Real Estate of Peachtree Park were the reported sellers of the mansion.

The sale happened on Thursday, the Chronicle reports. The Pink Palace has a long history with Atlanta's well-to-do. The home was built by renowned architects Philip Trammel Shutze and Neel Reid for the family of Joseph D. Rhodes of Rhodes Furniture. It was styled after a small building in Venice, Italy, named the Scuola dei Tiraoro e Battiloro, according to the Atlanta History Center.

While the buyer's name is not being publicly released, we hope that the new owners maintain the mansion's stylish look. Below, see the most recent listing for the famed "Pink Palace" mansion.

• Address: 541 W Paces Ferry Rd NW, Atlanta, Georgia
• Price: $4,900,000
• Square Feet: 12060
• Bedrooms: 6
• Bathrooms: 6 Full and 4 Half Baths
• Built: 1926
• Features: Commissioned in 1926, this European-style estate designed by Neel Reid/Schutze is a beauty on highly sought-after & revered West Paces Ferry Rd. With its high ceilings & elegant flow throughout the main level entertaining & everyday living are a delight in the oversized dining room & formal living room. Just off the renovated kitchen is the sunroom overlooking the swimming pool.

This listing originally appeared on realtor.com. For more information and photos, click here.