The childhood home of Philadelphia's most glamorous former resident has found a new owner, and he couldn't be prouder. Prince Albert II, the current reigning monarch of Monaco and the son of Grace Kelly, confirmed that he purchased the Kelly family home for the rather modest sum of $775,000 in September of this year. In a statement to People, His Serene Highness expressed his joy about owning his mother's elegant estate: "It feels good."

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Wikimedia Commons user Shuvaev
Photo: Shuvaev via Wikimedia Commons

Built by her father John B. Kelly and finished in 1929, the stately six-bedroom home in the East Falls section of Philadelphia wasn't just the place where Kelly grew up. In 1955, Prince Rainier III proposed at the home. Here's a glimpse at the couple shortly after the happy occasion:

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Grace Kelly engagementpinterest
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In 1963, the Royal Family visited the property together. Here, they wave just by the front door:

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The relatively low price tag for a property with such history is even more surprising when you consider it was a price cut — the estate was originally listed at $1 million over the summer. But the price may have been related to the condition of the property. In 2013, a year after the home received a historical marker, Pennsylvania SPCA Law Enforcement officers were called to investigate a possible animal hoarding case.

However, the future for the Kelly estate is bright: Prince Albert hinted at plans to possibly add museum exhibition space and offices for his foundation.

For a closer look inside the home, visit People »