The island, formerly the site of an Augustinian monastery, was purchased by King Ludwig II of Bavaria in 1873. The king had the premises converted into a residence, known as the Old Palace ("Altes Schloss"). From 1878 onwards, he had the New Herrenchiemsee Palace ("Neues Schloss") erected, based on the model of Versailles. It was the largest, but also the last of his building projects, and remained incomplete. Today maintained by the Bavarian Administration of State-Owned Palaces, Gardens and Lakes, Herrenchiemsee is accessible to the public and a major tourist attraction.