The Palace of the King of Ladakh was also known as the Shey monastery. This was originally built first in the year 1655, near the Shey village, by Deldan Namgyal, the king of Ladakh, who was also known as Lhachen Palgyigon. The palace was initially used as a summer retreat by the kings of the Ladakh region. Deldon Namgyal constructed the palace in the loving memory of his late father, Singay Namgya. The monastery is well known for a giant copper with gold painted statue which is that of a seated Shakyamuni Buddha. Shakyamuni Buddha is Buddha (on whose teachings Bhuddhism was founded) as he was a sage for the people who resided in the foothills of the Himalayan. This is considered to be the second largest statue of this type in the whole of Ladakh.
There is an entry fee Rs 100 which is charged for entering the premises of the Palace.