In the forty-first year of Qianlong's reign, that is, in 1776, Heshen began to build his luxurious residence, which was called "Hedi" at this location with Qianhai in the east and Houhai in the back. In the fourth year of Jiaqing, He Shen was "ordered to commit suicide." As for the house itself, it was owned by his younger brother, Prince Qingxi Yonglin, who "loved the mansion but not the country". In the first year of Xianfeng, Prince Gong Yixin, an important political figure in the late Qing Dynasty, became the third generation owner of the house and renamed it Prince Gong's Mansion. The name of Prince Gong's Mansion is still used today. "A Prince Gong's Mansion is half the history of the Qing Dynasty" is the evaluation of Prince Gong's Mansion by the historical geographer Hou Renzhi.

In the early years of the Republic of China, the palace was sold to the church by Puwei, the grandson of Prince Gong, for 400,000 yuan. It was later redeemed by Fu Jen Catholic University with 108 gold bars and used as a girls' school. After the founding of New China, Wangfu has been used by many units such as the Ministry of Public Security dormitory, wind turbine factory, and music conservatory.

"The Crescent River surrounds the house like a dragon and the pan, and the Western Mountain looks like a tiger crouching in the distance." This is the description of Prince Gong's Mansion in history books. It is said that there are two dragon veins in Beijing. One is the earth dragon, which is the dragon vein of the Forbidden City; the other is the water dragon, which refers to the line between Houhai and Beihai. Prince Gong’s Mansion is right on the connecting line between Houhai and Beihai, that is, on the dragon vein, so the Feng Shui is very good. good. The ancients used water as a source of wealth, and "water can be seen everywhere" in Prince Gong's Mansion. The water in the largest lake center pavilion was imported from Yuquan Lake, and it only flows in and does not flow out, so it is more in line with the Feng Shui theory of making money. The top ten marshals of our country, Guo Moruo and others all live near Prince Gong's Mansion, and they all live very long lives. It is said that the place with the most long-lived elderly people in Beijing is near Prince Gong’s Mansion. This place is a geomantic treasure.