The village's claim to fame is due to the palace (wada) built by Nana Fadnavis, 18th century Maratha statesman and the regent of Peshwa Madhavrao II.
Bhavan Rao Trymbak Pant Pratinidhi of Aundh and Raghunath Ghanshyam Mantri (Satara) bestowed the village of Menavli to Nana Phadnavis in December 1768.
Originally, simple stone steps descending into a river, ghats evolved into an elaborate arrangement of terraces with separate areas for different activities, such as bathing, washing, filling water and performing religious rites.
[3] Nana, being the Peshwas' record keeper transcribed and maintained their documents of accounts and administrative letters in the ancient "Modi" script.
The British General Arthur Wellesley (the future Duke of Wellington) returned the property to the Nana's wife Jeeubai on 25 March 1804.
Dated 1707, the five-alloy bell bears a bas-relief of Mary carrying the infant Jesus Christ cast into it.
Several Bollywood movies have been shot, using the wada as an exotic location, notably, Yudh (Jackie Shroff/Tina Munim), Mrityudand (Madhuri Dixit), Goonj Uthi Shehnai, Jis Desh Mein Ganga Rehta Hain (Govinda), Gangaajal (Ajay Devgan), Sarja (Ajinkya Deo), Bajirao Mastani and Swades (Shahrukh Khan, Gayatri Joshi).