Use a text editor such as notepad to edit the "house.txt" file in the "\ea sports\fifa manager 08\user\objects" directory. Change the very last line to:

Palace,Palais,Schloss,Palacio,Palazzo,Palac,-1200000000,palace.bmp,2005

By doing this, when you buy the Palace you are given nearly 900 GBP million into your personal wallet (which can be donated to the club).