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Waterdeep is a city, and nation, in the Forgotten Realms fictional world setting of Abeir-Toril. It is located along the Sword Coast, on the continent of Faerûn.
Waterdeep, also known as the City of Splendors is one of the largest and busiest cities - and most important political powers - on the continent, and is run by a group of (mostly) anonymous Masked Lords of Waterdeep.
A single Open Lord of Waterdeep - a public figure - has been a post established since a man called Baeron unmasked himself in 1273 DR. His daughter Lhestyn followed him as Open Lord - also marrying into Waterdeep's wealthiest noble family - the Thanns. The virtuous Piergeiron Paladinson is the current Open Lord, having succeeded Lhestyn. Khelben "Blackstaff" Arunsun, Waterdeep's resident archmage also revealed his status as Masked Lord, but only after resigning the post.
Despite its size, Waterdeep remains a largely benevolent and good city. This is partly due to the efforts of the Masked Lords, partly due to the Waterdeep City Watch, and partly due to the close proximity of Skullport, which draws in the seedier and darker sorts.
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