The King was much surprised at his temerity, and bade him consider well what he was doing, telling him that many princes had tried to perform the task before, and showing him a necklace of their heads, in hopes that the dreadful sight might deter him from his purpose.
But the Prince merely replied that he was not afraid, and that he was certain he should succeed.
Whereupon the King ordered him to build the palace that very night, and setting a guard over him, bade the sentries be careful the young boaster did not run away. Now when evening came, the Prince lay down calmly to sleep, whereat the guard whispered amongst themselves that he must be a madman to fling away his life so uselessly. Nevertheless, with the first streak of dawn the Prince arose, and making a holy place, laid the ring in the centre, sprinkled it with buttermilk, and cried, 'O ring, I want a palace of gold, with golden stairs, in the midst of the sea!'
And lo! there in the sea it stood, all glittering in the sunshine. Seeing this, the guard ran to tell the King, who could scarcely believe his eyes when he and all his Court came to the spot and beheld the golden palace.
Nevertheless, as the Prince had fulfilled his promise, the King performed his, and gave his daughter in marriage, and half his kingdom, to the spendthrift.
'I don't want your kingdom, or your daughter either!' said the Prince. 'I will take the palace I have built in the sea as my reward.'
So he went to dwell there, but when they sent the Princess to him, he relented, seeing her beauty; and so they were married and lived very happily together.
Now, when the Prince went out a-hunting he took his dog with him, but he left the cat and the parrot in the palace, to amuse the Princess; nevertheless, one day, when he returned, he found her very sad and sorrowful, and when he begged her to tell him what was the matter, she said, 'O dear Prince, I wish to be turned into gold by the power of the magic ring by which you built this glittering golden palace.'
So, to please her, he made a holy place, put the ring in the centre, sprinkled it with buttermilk, and cried, 'O ring, turn my wife into gold!'
No sooner had he said the words than his wish was accomplished, and his wife became a golden Princess.