In these fall days, everyone is talking about the run for the White House between Democratic candidate Sen. Barack Obama and his rival, Republican Sen. John McCain. But there is another race going on. No. 1 Observatory Circle, the official residence for the vice president, is awaiting a new inhabitant, as well.

Slideshow: Vice President's Mansion

The white brick Victorian mansion, located on the grounds of the U.S. Naval Observatory in Washington, D.C., will be the new home for either Obama's running mate, Delaware Sen. Joe Biden, or McCain's running mate, Alaska Gov. Sarah Palin.

Being 21 ½ miles northwest of the White House, the vice president's house is not only well situated but also a beautiful estate, built in the Queen Anne style popular in the last quarter of the 19th century. Hallmarks of the architecture include an asymmetrical floor plan, round turret rooms, inglenooks and broad verandas on the ground floor. With its 33 rooms and 9,150 square feet of floor space, the three-story house likely provides enough space for the vice president and his or her family, including both working and living spaces.

Built in 1893, the mansion first served as home for the superintendent of the U.S. Naval Observatory, before the Chief of Naval Operations took a fancy to the house and, in 1923, moved in. In 1974, after being the CNO's house for more than a half century, Congress agreed to a request to transformation the structure into the vice president's official residence.

According to the White House Web site however, the reason for moving was not only to provide the vice presidents a more beautiful home, but to reduce costs: Before 1974, vice presidents and their families lived in their own home. By moving the vice president’s residence to U.S. Naval Observatory, the security costs could be lowered.

This decision included the allocation of funds for refurbishment and furnishing the house, which was necessary: As Time magazine reported in 1975, when former Vice President Nelson Rockefeller moved in, the last resident, Admiral Elmo Zumwelt, had declared the house "a fire hazard," complaining about the electrical wiring, as well as about the leaky roof and walls. According to the magazine, Congress appropriated $485,000 for refurbishment, including the installation of central air conditioning and a new heating system.

But the latter were not effectively used until 1977, the White House's Web site says. Although the Rockefeller family donated a $35,000 "cage" bed designed by surrealist Max Ernst and decked their new home with handsome artworks and some pieces of furniture, including Korean and Japanese chests, they used the mansion primarily for entertaining. Asked about the house's arrangement style, Rockefeller's wife, Happy, told Time magazine that she just wanted "everyone to feel they can have a good time."

The first vice president who really had a "good time" in the mansion was Walter Mondale, occupying the house with his family in 1977. The Mondales, as well as their successors, the Bushes, the Quayles and the Gores, redecorated the house in their own style, including painting the walls in new colors and adding some pieces of furniture.

In 1999, it caused quite a stir when leading Democratic donors forked out $1 million to make improvements in No. 1 Observatory Circle for the Gores. The New York Times named several businesses and individuals, including Coca-Cola, General Motors and Bill Gates, whose donations were spent on landscaping and outdoor lighting, as well as in electronic equipment and a $6,000 billiard table.

Whether Gore's successor, current Vice President Dick Cheney, is a passionate billiard player, is not clear; according to the White House's Web site, however, Cheney and his wife, Lynne, have also redecorated the home with their own furnishings and they have displayed art on loan from several museums. Some of the famous guests in the vice president's house during Cheney's term in office were leaders of several nations, including President Mubarak of Egypt and Vice President Hu Jintao of China.

The questionof who will be the next famous guests in No. 1 Observatory foremost depends on the outcome of the presidential election: Definitely, the two potential next vice presidents will have different plans, and whom to invite to see them.