The Noble Residence Deed is one of the most handy premium items in the Store. It grants the user a Building Licence free Noble Residence for 95 Gems.
Purchasing it places the building in your Star Menu from where it can be clicked and placed on your island without taking up a precious Building Licence.
A big bonus too is that if demolished it reappears in your Star Menu for replacing on your map.
Demolishing
You can spot a Deed placed building by opening it's details tab and noting the yellow flash around its picture that denotes it as a building that demolishes to your Star Menu. This way you can never waste the Gems by losing the building.
However any upgrading done to the building will be lost and the population limit increase it provided will dissapear until it is rebuilt and re-upgraded. So take care when demolishing on how it will effect your economy.
Better Options
While a good deal and easily upgraded to +50 Population it is far better to save your Gems and spend them on a +10 Building Licences instead where possible.
Gifting
The Deed is also one of the most popular items to Gift another player because it's population boost is very handy for everyone and relatively cheap in Gem terms.