In 1873 an agreement between Ottoman Empire and Italy made it possible for Italians to own land and property within the Empire. This building was built by the Italian architect Giacomo Leoni, for a powerful Genoese tradesman Ignazio Corpi.

Giacomo Leoni imported marble from Carrara for the flooring and facings and Piemonte rosewood for the doors and window frames. Famous artists of the day were invited to create the wall paintings in the entrance hall and on the ceilings of the Great Hall. The building took nine years in total to complete and costed 90,000 Ottoman golds.

Ignazio Corpi could never live in his home because he died in 1882. His nephews leased the building to the American ambassador, John G.A. Leishman. From 1906, it served as the U.S. embassy and residence. In 1907 U.S. purchased the property. It served as the US consulate general from 1937 to 2003.

It is the first property owned by U.S. in Europe and second in the World outside U.S.

Today it is a hotel.