IT’S not every day you get the chance to buy your very own palace.

But if you want to live in the lap of luxury, this could be the place for you – although you’ll need a cool £3m in the bank.

Mathern Palace near Chepstow is a 600-year-old Grade I-listed luxury pile, complete with banqueting hall and medieval gateway that was the main residence for the Bishop of Llandaff from 1408 to 1705.

Set in 7.2 acres of grounds, it fell into ruin in the 1800s, but was restored and its gardens laid out in the 1890s by archictectual writer and garden designer, Henry Avray Tipping, the editor of Country Life, who also designed Wyndcliffe Court gardens in St Arvans.

The 10-bedroomed palace comes with three cottages in its grounds and boasts its very own billiards room.

During the First World War it housed refugees from Belgium and was later bought by steel makers Richard Thomas and Baldwins, the owners of Llanwern steelworks, before passing into the hands of British Steel and then the Corus Group, a subsidiary of Tata Steel Europe.

The property was sold in August 2014 and has recently operated as a family home and wedding venue.

A spokesperson for Moon and Co estate agents of Chepstow, said: “We are pleased to offer for sale this romantic Grade I-listed Medieval house with medieval entrance hall, drawing room, banqueting hall, sitting room, library, billiard room/utility room, updated kitchen and office.

“The property also benefits from master bedroom suite with sitting room, seven further en-suite bedrooms, two further bedrooms, two further bathrooms, sitting room and garden room.”

They added: “There are stores, garaging, a cellar, stabling, and extremely attractive gardens and grounds, originally landscaped by famous garden designer, H Avray Tipping.”

For more details see www.thinkmoon.co.uk or contact 01291 629292.