The city is situated on the banks of the Turia river, on the eastern coast of the Iberian peninsula and the western part of theMediterranean Sea, fronting the Gulf of Valencia. At the time of its founding by the Romans it stood on a river island in the Turia, 6.4 km (4 mi) from the sea. The Albufera, a saltwater lagoon and estuary which lies about 11 km (7 mi) south of the city, is one of the largest lakes in Spain; it was bought by the City Council from the Crown of Spain for 1,072,980 pesetas in 1911, and today forms the main portion of the Parc Natural de l'Albufera (Albufera Nature Reserve), with a surface area of 21,120 hectares (52,200 acres). Because of its cultural, historical and ecological value, it was declared a natural park by the Generalitat Valenciana in 1986
