The Élysee Palace is the official residence of the President of France. It is located in the 8th arrondissement of Paris and has been the home of every French president since 1848. The palace was originally built in 1718 and was later purchased by Louis XV in 1722. It has undergone several renovations over the years, including a major renovation in 1867 under Napoleon III. The palace is also the site of many important state functions, such as the signing of treaties and hosting of foreign dignitaries.