Savva Yakovlev was one of the largest entrepreneurs in Russia, especially in the Ural region. By the time of his death in 1784, his industrial empire in the Urals, centered in Nevyansk, included 22 factories. Yakovlev became famous not only for his business acumen but also for his cruelty.

Forty years after his death, in 1824, his grandchildren decided to erect a monument in his honor in the cathedral square of Nevyansk. The granite base for the monument had been purchased back in the mid-18th century by Akinfiy Demidov for a monument to his father Nikita, but that project was never completed. Ultimately, this pedestal became the foundation for a monument to another famous entrepreneur.

The grandchildren spared no expense on the bust, commissioning it from renowned Petersburg masters: the artist O. Kiprensky, who created the famous portrait of A. S. Pushkin, and the sculptor M. Krylov. In August 1826, after the work was completed, the bust was sent from Petersburg to Nevyansk, mostly traveling by water. The transportation was overseen by Semyon Chernavin, who was known for his passion for alcohol. Due to his constant drunkenness, the bust, packed in crates, fell into the water during the transfer from Volga ships to Kama ones.

After this incident, Chernavin was reprimanded and given detailed instructions: the bust should be unpacked, carefully wiped, placed in dry crates with sawdust, wrapped in paper beforehand. He was also instructed to refrain from alcohol until the task was completed. The monument was ceremoniously unveiled in the spring of 1827 in the square in front of the Spaso-Preobrazhensky Church, where a cast-iron column with Yakovlev's bust was installed on the granite pedestal. In honor of the celebration, the factory workers received a shot of vodka from the owners.

After the October Revolution, Yakovlev's bust was toppled from its pedestal, and in November 1925, a monument to Lenin was erected in its place.