On June 10, 1914 (June 23 in the new style), the monument to Grand Duke Mikhail Nikolaevich (1832-1909) was unveiled on Konno-Grenadierskaya Street in the presence of Emperor Nicholas II. He was the fourth and last son of Emperor Nicholas I and Alexandra Fyodorovna, served as the viceroy in the Caucasus, commanded the Caucasian Army, and held the rank of field marshal. From birth and for 77 years, he was the August Chief of the Life Guards Horse Grenadier Regiment.

In the diaries of Emperor Nicholas II, it is described how on one hot summer day he drove to Peterhof and arrived at 11 o'clock at the Horse Grenadier Regiment, where the consecration of the monument erected in honor of his uncle Mikhail was taking place. The emperor noted the great similarity of the monument to the original and the successful location of its installation. After the ceremony, a breakfast was held at the officers' assembly.

The monument was destroyed after 1917, and currently, only its pedestal remains.