The building gets its fame and critical fortune from the intervention of Francesco Borromini, who between 1643 and 1650, commissioned first by Ambrogio, then by Cardinal Ulderico Carpegna, transformed the original late 16th century building, enlarged and redefined in the early 17th century by Pietro Eschinardi, into the present building.

With the extinction of the direct lineage of the Carpegna family, which ended in 1731 with the death of Ulderico, Prince of Scavolino, the palace was inherited by Marquis Emilio Orsini de' Cavalieri Sannesi, who between 1732 and 1736 entrusted its completion and structural adjustment to the architect Francesco Ferrari. Later owned by the Patrizi Naro and Colligola Monthioni families, from the mid-19th century until 1882 it housed the family of Luigi Pianciani, the first Mayor of Rome after the unification of Italy.

In spite of the changes it underwent between the 18th and 19th centuries to adapt the building, initially as a rental palace, and later as a convent and office building, Borromini's work can still be seen in the portico on the ground floor - partially modified by Francesco Ferrari by closing the first left-hand bay, opening towards Via della Stamperia and the Trevi Fountain - and the helicoidal ramp connecting the first and second floors above. The ramp is accessed through a portal richly decorated with stuccoes and placed in axis with the main entrance, which visually frames it, projecting its image onto the square outside. The stuccoes that decorated the internal entrances to the upper flats have been lost.

The present architectural appearance of the palazzo is the result of the radical intervention undertaken between 1933 and 1934 under the direction of Gustavo Giovannoni and Arnaldo Foschini, to adapt the building as the headquarters of the Accademia di San Luca.

In the new building, inaugurated on 24 April 1934, the rooms on the ground floor were used to host art and architectural exhibitions; some spaces were dedicated to the custody of the collections and collections of academic drawings and books.

The portico leads to the internal courtyard and, via the helicoidal ramp decorated by the Borromini-style stucco portal, to the upper floors, which can also be reached via the internal staircase, which was restored during the early twentieth century.

The first floor houses the Presidency and Secretariat offices, the Conference Room and the Council Chamber. On the upper floor are the Biblioteca Romana Sarti, the Historical Archive and the administrative offices. The third and last floor houses the Gallery and the armoured room where the paintings not on display are kept.

It hosts the Accademia Nazionale di San Luca.