Gyanendra and his wife, Komal, left the main palace on Wednesday night escorted by police and soldiers and moved to a summer retreat in Nagarjung, west of the capital, Katmandu.
The former king's new home is among the royal residences that were nationalised, but the government is allowing him to live there since his son Paras is living in the family's private Katmandu residence.
The area was guarded by police and soldiers. There were no supporters or protesters outside the ex-king's new address on Thursday.
"I have no intention or thoughts to leave the country," Gyanendra said on Wednesday, hours before leaving the palace.
"I have accepted the decision," he told reporters.
The items being counted by officials include a jewel-studded crown and other valuable artifacts held by the Shah dynasty during their 239-year rule over the Himalayan nation.
Nepal outlawed the monarchy and declared a republic last month after elections in which the country's former communist rebels won the majority of seats in a special assembly charged with rewriting the constitution.
The Narayanhiti palace had been Gyanendra's home since 2001.