The former residence of the prince-bishop with its rich figural ornamentation of the facades was constructed from 1767 to 1787 as a three-winged complex by Johann Conrad Schaun. After the war, the exterior aspect was reconstructed true to the original.
Today, the palace is used by the university administration. On the Schlossplatz in front of the palace, the great annual funfair - the Send -takes place thrice a year, attracting thousands of visitors. Also located on the Schlossplatz is the central lecture hall building of the university, which is frequently used for conventions and even concerts.