The 1,000-room palace is over 30 times larger than the White House and considered to be bigger than France's Palace of Versailles, reported AFP News.
Simsek says the budgeted cost for the palace was £219m ($350m).
The palace has been built on forest land in the outskirts of Ankara and has been labelled by the press as 'Ak Saray' meaning 'White Palace'.
The President has also added another hefty acquisition to his list, including an airbus A330-200 presidential jet, estimated at £116m ($185m), said Simsek.
The grandiose nature of Erdogan's lifestyle is attracting criticism by opposition leaders who are claiming the leader is moving towards an authoritarian rule.
A number of critics have also drawn analogies comparing the presidential palace to the People's Palace built by Romania's communist dictator Nicolae Ceausescu.