Chernyshev occasionally lent his home to foreign dignitaries visiting the capital, such as Louis Henri, Prince of Condé.

From 1825 to 1839, the Chernyshev Palace, as it was then known, was the site of the Nicholas Cavalry College [ru], where Mikhail Lermontov was known to have studied for two years.

The palace was conceived by Nicholas I as a present to his eldest daughter, Grand Duchess Maria Nikolaevna, on the occasion of her marriage to Maximilian de Beauharnais, Empress Joséphine's grandson.

Although the reddish-brown facade is elaborately rusticated and features corinthian columns arranged in a traditional Neoclassical mode, the whole design was inspired by the 17th-century French Baroque messuages.

Other eclectic influences are visible in the Renaissance details of exterior ornamentation, and the interior decoration, with each room designed in a different historic style.