The palace was built in the severe French classical style between 1703 and 1734 for the art-loving prince bishop of Münster, Christian Friedrich von Plettenberg. The master builders were Pictorius and Schlaun (Schlaun alone was responsible from 1724 on).
The basic structures of the gardens and park are remarkably well preserved and are among the most beautiful in Europe. These gardens are one of the reasons why Nordkirchen is called the Versailles of Westfalia.
The palace is the property of the state of North Rhine-Westphalia. Their finance academy (Schule für Finanzen) is located here.