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The noble Prince Schwarzenberg and his family still own the property today - the gardens in particular were a rather exceptional extravagance during the imperial times. Needless to say, the Palais and gardens became a key-stage for courtly life in Vienna.
The palais is located right at the famous Schwarzenberg Square. After the 2nd World War the Soviet army built a memorial for their soldiers who had died during the war right between the Palais Schwarzenberg and the water fountain - an enormous piece of Soviet art, which surely did not please the Schwarzenberg family. But it is subject to the Austrian National Treaty (a very important document for the foundation of the Second Republic in 1955 and for positioning Austria between the Western and Eastern powers) that Austria has to care for the maintenance of the memorial and is not allowed to tear it down (as it happened in many formerly communist countries after the collapse of the Soviet Union). So there it still stands...and is well worth seeing!