This building was the residence of the then Mayor Don Francisco Tadeo Diez de Medina y Vidango. Later it became the property of the Counts of Arana, subsequently during the La Paz revolution it became the property of the Marquises of Villaverde. At the end of the 19th century they functioned as the famous Gisbert hotel. In the year 1964, the palace was adapted to house the National Museum of Art of Bolivia, preserving its two courtyards and three levels. The main entrance is located on Socabaya Street.