In this paper, we test the implications of the amenity-based theory of Brueckner et al. [European Economic Review 43 (1999), 91-107], who show that external historic amenities may lead to sorting of rich households in city centres. Many areas in cities in the United States as well as in Europe contain historic districts that offer amenities to its residents. We employ a semiparametric regression-discontinuity approach based on conservation area boundaries that allows for household-specific preferences. On average, the price difference at the conservation boundary is 7.5 percent. It is shown that rich households sort themselves near historic amenities, leading to upscale neighbourhoods. Also well-educated and older households have a strong preference for historic amenities. We were not able to detect a statistically significant impact of national conservation policies on house prices.