Headquarters for the Pink Palace Family of Museums, the Pink Palace was originally designed to be the dream home of wealthy entrepreneur Clarence Saunders. The museum derives its name from the mansion's ornate pink Georgian marble facade. Saunders, an entrepreneur and founder of Piggly Wiggly, began building the house in the early 1920's, but due to a legal dispute with the New York Exchange, he had to declare bankruptcy and the unfinished building was eventually given to the city in the late 1920s for use as a museum.