In 1971, the palace was bought by the local government of Valparaiso to be used as a museum and a school of Fine Arts.[2] Today, it gathers an important collection of works; many of these bequeathed by Pascual Baburizza. Mauricio Rugendas, Alfredo Valenzuela Puelma, Alfredo Helsby and Carlos Hermosilla Álvarez are among the most important painters.[3][4]