Buckingham Palace is the palace of England. Built in Westminster, west of St. James Park in London, it was named after the Duke of Buckingham in 1703. It was first called Buckingham House, meaning "the home of others". It was purchased by King George III in 1761 as the residence of the Queen and is called the Queen's Palace. In 1825, King George IV rebuilt it as a palace. Since 1837, all the kings of England have lived here. Queen Victoria was the first monarch to live here. Buckingham Palace has more than 600 halls, including banquet halls, ceremonial halls, concert halls, galleries, libraries and royal Philatelic offices. It has many paintings and furniture. There is also an imperial garden with an area of about 40 acres. In front of the palace, the Queen Victoria Monument was bought by the British royal family for 21,000 pounds in 1761. Later, "Crazy King" George III wanted a private residence and left it sad St. James's Palace was a little farther away; then his son, later George IV, the largest and most wanton monarch in British history, converted a rural residence of Duke Buckingham into a real palace, built by his favorite architect, John Nash, at a total cost of 432,000 pounds, 20 times the purchase price of a building. Nash's new palace is basically the one we see behind Buckingham Palace today, the one facing the garden. It was not until 1845, under Queen Victoria's rule, that the royal residence was built as it is today - "the palaces on both sides of its north and South flanks were extended and closed by the palaces on the fourth wing, the East side, into a quadrilateral palace. This eastern facade has a broad balcony, where the traditional appearance of the royal family members is. The last renovation was the smallest cost - "150,000 pounds. In the 150 years since it was purchased, the palace has been built several times. The British monarch finally owned this supreme palace.