Valencia stands on the banks of the Turia River, located on the eastern coast of the Iberian Peninsula and the western part of the Mediterranean Sea, fronting the Gulf of Valencia. At 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 freshwater lagoon and estuary about 11 km (7 mi) south of the city, is one of the largest lakes in Spain. The City Council bought the lake from the Crown of Spain for 1,072,980 pesetas in 1911, and today it 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). In 1986, because of its cultural, historical, and ecological value, the Generalitat Valenciana declared it a natural park.