It was designed by a team of architects including Vasily Kenel, Aleksandr Rezanov, Andrei Huhn, Ieronim Kitner, Vladimir Shreter and Maximilian Messmacher.
The Neo-renaissance façade, richly ornamented with stucco rustication, was patterned after Leon Battista Alberti's palazzi in Florence.
This interior ornamentation, further augmented by Maximilian Messmacher in 1881–1891, is considered by art historians, such as Nikolay Punin, a major monument to the 19th-century passion for historicism.
After several years of disputes and uncertainty, in the 1920s the palace and what was left of the interior design was transferred to House of Scientists (Дом Учёных), (named after Maxim Gorky).
Under the patronage of Russian Academy of Sciences, the palace and its interior has been preserved to a greater extent than other Romanov family residences.