The mansion of Paisiy Maltsev, now a museum-estate, is one of the main attractions of Balakovo. Paisiy Maltsev is known as a first-guild merchant, collector, and patron. According to legend, the mansion was built for Maltsev's beloved, a Frenchwoman from a noble family, who agreed to move to Balakovo on the condition that the house would be no worse than her father's. Maltsev erected a true palace with a lilac garden, but the Frenchwoman rejected him, and he lived in France for about twenty years. The estate was inhabited by a manager, and Maltsev himself visited it only a few times. The original lilac garden, stable, and carriage house, as well as the fence and gates, have been preserved to this day.

The millionaire acquired the estate in 1886. The building was constructed in the 1880s according to the design of Franz Iosifovich Shuster. The estate included a lilac garden, stable, laundry, workers' house, and original fence with gates. The facades of the mansion and library are executed in the style of Western European Baroque, adorned with antique masks, an attic, balustrades, and urns resembling ancient Greek vessels. The interior harmoniously combines elements of Baroque, Classicism, and Art Nouveau. Later, the owner decided to supplement the estate with new architectural elements.

It is believed that between 1910 and 1914, the mansion was remodeled according to sketches by Fyodor Osipovich Shekhtel, who added griffins, amphorae, a coat of arms, and other decorative elements. However, researcher Andrey Mushta claims that Shekhtel had no relation to this project and urges the study of Shuster's legacy.

Paisiy Mikhailovich Maltsev, a first-guild merchant, patron, and bibliophile, despite his Old Believer faith, donated to the construction of Orthodox churches and a sanatorium in Yessentuki. He collected rare books, icons, and paintings, and his collection was transferred to museum funds and universities.

After the revolution, the building housed a committee of the Communist Party, and books from the library were used for firewood. Alexey Ivanovich Chesnokov saved the remnants of the collection, sending them to Saratov, where they were distributed among libraries and archives.

During the Soviet era, various institutions were located in the estate, including a Pioneer House. Since 1995, the estate has been a monument of federal significance. Restoration took place from 1998 to 2008, and now the house functions as the museum 'Estate of P.M. Maltsev.'