The house is decorated and furnished much as it was when the family lived there, creating a snapshot of upperclass colonial Edwardian life.

By marriage Theomin was related to the extended Hallenstein, Fels, de Beer and Brasch families of Dunedin, patrons of the arts and learning.

He and his daughter Dorothy were patrons especially of music and the visual arts, while his wife Marie was a strong supporter of the now Plunket Society.

[4][1]: 13 From early 1902 to December 1904 David and Marie Theomin were travelling and collecting abroad, while Dorothy attended Roedean School.

They visited Toronto and David Theomin had plans for a two-storey house drawn up by architect Charles J. Gibson (1862–1935).

[1]: 17 The Theomin family lived in the existing villa until construction began, when they rented it out and moved in to Avenal, the Hart residence at 25 Royal Terrace.

Construction on the current house may have begun in 1904, the date inscribed on Olveston's south face, but probably was not well underway until the building permit was issued in early 1905.

Smaller afternoon teas were held in the drawing room to introduce or farewell friends, and dinner and bridge parties also, with attendees drawn from the church leaders, doctors, lawyers, university staff and business people of Dunedin.

[1]: 28  Dorothy and her father continued in the tradition of entertaining, hosting the English cricket team in 1930 and a Michaelis family wedding in 1931.

[3] Dorothy admitted to friends that she relied on trustees and her lawyer and father's associates to manage financial matters.

[1]: 61  Dorothy invited friends from the Otago Hunt Club to join her in the house, and Stan and Stella McKay moved in with their two sons.

[9] After lobbying by the Friends of Olveston group, a Theomin Gallery Management Committee was established and the home was opened to the public the following year.

Besides being open for guided tours of the home and art collection, the museum runs education programmes aimed at local schools, covering domestic technology, the building and design of the house, and Edwardian games and culture.

[19] The following year the Olveston Charitable Foundation was launched with the purpose of building funds to secure the home's future and avoid it becoming a "burden on the ratepayer" as desired by Dorothy Theomin.

[26] In 2017 Dunedin musician Dudley Benson released a remake of Shona Laing's (Glad I'm) Not A Kennedy, with a video recorded at Olveston.

The outlook is principally to the garden and the Town Belt bush, providing attractive views and belying the proximity of the central city.

& T. Burt Ltd.[9][29] Architectural historian Hilary Grainger compared Olveston to George's other work, and thought the high Dutch gables, window details, door canopy and rainwater heads were reminiscent of their other private houses, and the shaped gables similar to those found at Poles and Busbridge Hall.

[30] Grainger also notes that the stair and gallery arrangement, with half-landing and open arcades, is identical to that designed by George for 52 Cadogan Square.

"[32] Charles and Jessie Speight's house, Haeata, at 273 York Place, bears a strong resemblance to Olveston.

The architectural details are an eclectic combination of tall mullioned bay windows, classical portico, prominent chimneys, crenellations, battlements and turrets.

[9] The printed hessian wallpaper in the hall was made by Turnbull and Stockdale of Lancashire, based on a Renaissance acanthus-leaf design.

A 'Juliet' window is an unusual feature, allowing a connection between guests and family socialising upstairs, and events in the reception area below.

[3] There are two Jacobean-style chandeliers, a mullioned stained glass window, a revolving bookcase and a late-17th century oak sideboard.

There is a 1760 French ormolu lantern clock, four 'spectacular' William IV silver candlesticks and an oak overmantel to the fireplace with carved figures which may date from the late 16th century.

[3] The drawing room has a lighter and more feminine feel, and houses a Chippendale-style bureau and chest, and a 1906 Steinway grand piano.

A stained glass section in the bay window featuring an image of the Green Man is made by the grisaille technique.

[35] An 18th-century Canton enamel urn from the reign of Emperor Chi'en Lung is also positioned in the billiard room, and there are cabinets displaying collections of inro, tsuba and cloisonné miniatures.

"[1]: 16 Dorothy added paintings by a number of New Zealand women artists to the collection, including Airini Vane and Phyllis Sharpe.

Early photographs show a large rose garden and mature cabbage tree have been replaced with a lawn and four beds.

[3] Olveston on the Tohu Whenua site A sensory diary of a tour of the house by "That Blind Woman" Julie Woods.