Hovedi House is located along the scenic waterfront in Reykjavik. The year 1986 took place in a major world historic event when Russian President Mikhail Gorbachev met with United States President Ronald Reagan to end the Cold War; They have actively attempted to take the first steps towards global disarmament. Completed in 1909 and originally assigned to the French Consulate, the building is today used for the city's official social functions. Although it is closed to the general public, it is a pleasant walk for them. It should be noted that the statue in front of the building depicts columns from the seat of the leader of the first Norwegian settler in Reykjavik.