Today´s Slavonic Island (Slovanský ostrov), or Žofín, developed gradually by alluvia brought by the river in Middle Ages. The island had several owners establishing various forms of enterprise here, i.e. dyers´ settlement, pub, a spa, two-storey restaurant with ballroom and concert hall.
When the palace was rebuilt in Neo Renaissance style it became a popular ball venue among Prague elite, and the Academy of Music was set up here where Bedřich Smetana and Antonín Dvořák gave concerts along with other personalities of world music such as Franz Liszt, Hector Berlioz, Piotr Ilyich Tchaikovsky and Richard Wagner.
The building has been preserved in its 19th century form until today and its beautiful halls continue to host balls, concerts and social gatherings.