In the 15th century, the Rabassa family became tremendously wealthy from a number of successful mercantile deals, as well as the loosening of indirect tax duties from the Generalitat. They bought the barony of "Dos Aguas" and built a mansion in this area of Valencia. In 1699 the Rabassa family went from barons to marquises. After – and because of that – the 3rd Marquis Ginés de Rabassa decided in 1740 to transform the old medieval houses of the family into a more suitable, modern palace in order to reflect his power and the social ascent of his lineage. The meringue pie appearance of its facades was rendered by the use of Rococo-style ornamentation, which had become fashionable with the arrival of the new royal family, the French dynasty of the Bourbons, after the War of Succession.