The place is the ruling dynasty who were the descendants of Ranoji Lokhande, who was adopted by Chhattrapati Shahu, grandson of Shivaji, around the year 1708. Upon his adoption, Ranoji assumed the name 'Fatehsinh Bhonsle' and received in appenage the town of Akkalkot and surrounding areas. These estates remained a fief within the state of Satara until 1848, when the rulers of Satara (Chhatrapati Shahu's designated successors) were deposed by the British. Akkalkot then became one of several vassals of Satara to be recognised as separate princely states by the British Raj.
Akkalkot Palace belonged to the Late His Highness Maharaja Vijaysingh Bosale of Akkalkot Royal State. It was built by Raja Fatehsinh Bhosale. It is now owned by his daughters Rani Sunita raje and Rani Sanyukta Raje. It has wonderful collection of weapons.