Once, Izhyevsky Pond was a favorite leisure spot for city dwellers. In the late 19th century, an elite dacha settlement emerged here, highlighted by the terem of merchant Ivan Fyodorovich Petrov. He owned a weapons factory, whose products were distributed throughout the Russian Empire, from the Urals to the Caucasus. In winter, Petrov lived in the city, while he preferred to spend summers at the dacha. Ivan Fyodorovich was a fan of Russian wooden architecture, so his residence was built in the style of ancient national architecture: with a gazebo, patterned towers, and pointed windows. The layout of the house is interesting due to the variety of living and storage spaces, differing in size and ceiling height. The terem has many windows, some of which are repeated.

At that time, the dacha served not only as a place of rest but also as a cultural center, where meetings with representatives of the creative intelligentsia, musical evenings, and tea parties were held. The residents of the terem enjoyed riding a motorboat on Izhyevsky Pond. In winter, the entertainment was different. The merchant's son, Nikolai Petrov, recalled: "I remember very well how a large ice rink was set up on the pond in winter, surrounded by little fir trees, and a brass band played there. We also rode on iceboats, light boats on skates."

A new chapter in the history of the wooden terem began after the nationalization of the building. The merchants were evicted, and the house became a sanatorium for workers. Later, a pioneer camp was established here, which operated until the early 90s of the last century. Now, left without an owner, the building is rapidly deteriorating, despite the fact that in 2019 the terem was included in the list of cultural heritage sites of regional significance in the Udmurt Republic.