In the nineteenth century, Rostov-on-Don became one of the most prosperous cities in southern Russia, and the number of wealthy merchants began to grow. Among them stood out Stepan Fedorovich Gench-Ogulaev. The exact year of his birth is unknown, and little information about his childhood has survived. It is only known that he came from a poor family and started his career as a simple worker in a wholesale haberdashery store. However, this did not prevent him from becoming one of the richest people in the city.

By the 1860s, Stepan Fedorovich was already a co-owner of two trading houses, including the trading house 'S. Gench-Ogluiev and Ivan Shaposhnikov', whose branches were located throughout southern Russia and dealt in silk goods, cosmetics, handicrafts, and luxury items.

In 1870, Stepan Fedorovich decided to build his own income-generating house and invited the famous Russian architect Alexander Nikanorovich Pomerantsev from St. Petersburg, who later became the president of the Imperial Academy of Arts. In 1883, the construction of this magnificent income-generating house was completed, and today the building is included in the list of cultural heritage sites of federal significance.

In addition to entrepreneurship, Stepan Fedorovich was actively involved in public activities. He was a member of the Rostov and Nakhichevan city dumas, as well as a member of several charitable and educational societies. He lived a worthy life and left a good memory of himself. Stepan Fedorovich Gench-Ogulaev passed away on February 15, 1889, after a serious illness.