The Pueblo Español was opened in 1967. It has never made a profit.

Real-estate company Kühn & Partner, which owns Palma's Pueblo Español, has made a request to the town hall for a change of use to the complex. This would mean that its various buildings will be made available for residential use and converted into apartments. If the green light is given, this would represent a unique estate, given that it is made up of imitations of emblematic buildings on the Spanish mainland.

All the creation of one of Spain's most prestigious architects, Fernando Chueca Goitia, its scale and scope was seemingly fantastic, as here were re-creations, among others, of Cordoba's Cristo de los Faroles crucifix, Seville's Torre del Oro and Toledo's Puerta del Sol. It was officially opened on 10 March, 1967, when dignitaries included the national tourism minister, Manuel Fraga.

The town hall's urban planning department has been presented with a highly detailed proposal by Kühn but has yet to make any response. The department says that any change would need to take account of the views of neighbours. It is understood that draft proposals have in fact been shown to the residents' association. The department also points out that the "general interest" would need to be considered, but in heritage terms the Pueblo Español has never been given any form of protected status.

Throughout its history, the complex has suffered from one great problem: it hasn't made a profit. There have been different owners, including Sa Nostra Bank.