The house of Prince S.M. Volkonsky, a one-story brick building, is located in the center of the city with its main facade facing west, towards Freedom Street.

Prince Sergey Mikhailovich Volkonsky (1860-1937) was a renowned art historian and theatrical figure, serving as the director of the Imperial Theaters in 1899 and 1901. He was the grandson of the Decembrist S.G. Volkonsky and a large landowner in the Borisoglebsky district of the Tambov province. He lived in this house during various periods in the late 19th and early 20th centuries. He actively participated in the public life of the city, serving as the chairman of the congress of justices of the peace and as an honorary justice of the peace. In September 1914, a hospital with 14 beds for the wounded was organized in his house. One of the notable events of his activities in Borisoglebsk was the opening of an exhibition dedicated to the Decembrists in the People's House in the spring of 1918, featuring exhibits from the family archive of the estate "Pavlovka." The exhibition displayed paintings, portraits, drawings, documents, and personal belongings of the Decembrists, such as folders, watches, a candlestick, a table, a chair, and sheet music.

In 1998, a metal commemorative plaque was installed on the facade of the building with the inscription: "The house of Prince S.M. Volkonsky. A monument of history from the late 19th century. Protected by the state."