It's probably hiding the seam where two pieces of drywall come together. I agree with Carol. It is too fancy for the rest of the house.

I didn't even think of that. Thank you! It just seem really out of place.

If there is a seam there you can add a slightly wider more simple moulding in it's place. It is very ornate!

Seems like the molding is like a chair rail to divide the paint colors. If you paint it all the same color, you wouldn't need it. It does look odd to me.

Leave it, you will tear the wall up and see every patched area trying to remove it. Just paint it the same color of the wall.

Leave it and paint it the same color as the wall...

I certainly would remove it, since I am a big advocate of clean lines. But having said that, does that same molding appear anywhere else in the house? I truly feel that it'd be best to take it off and if there is a seam there, replace it with molding that is more delicate and less intrusive.

Good luck!

UNEKUAL Construction team.