Asuming you are not referring to the one in Herefordshire.....
The Knights Hospitaller had operated a farm on the site since 1236. In 1505, the Lord Chamberlain, Sir Giles Daubeney, leased the property and used it to entertain Henry VII.
Thomas Wolsey, then Archbishop of York and Chief Minister to King Henry VIII, took over the lease in 1514 and rebuilt the 14th-century manor house over the next seven years (1515�1521) to form the nucleus of the present palace.
Henry VIII received the palace from Wolsey in the mid to late 1520s, although the Archbishop retained apartments there. Not much of Wolsey's original building remains due to the remodeling by Henry VIII and later kings. Part of the Great Hall are probably from Wolsey's palace, and the structure of the Base Court looks much like it did in Wolsey's time. The parts of the kitchens from the original building are also very much as they were in Wolsey's first building.