The Schmidt brothers, Pyotr and Andrei Ivanovich, were among the most successful millers in Saratov. Pyotr Ivanovich owned the enterprise "Trading and Industrial Partnership of the Schmidt Brothers in Saratov," which passed to his son Pyotr Petrovich Schmidt after his death. P. P. Schmidt commissioned the construction of his mansion at the corner of Nikolskaya (now Radishcheva Street) and Malaya Sergievskaya Street from the renowned Saratov architect Alexei Markovich Salko.

The two-story red brick mansion was completed by 1890 and looked like a true palace among the surrounding wooden buildings. The balcony and loggia offered views of the Volga, while the facade with its ornate attic faced Nikolskaya Street. The interiors of the hall, staircases, corridors, and rooms were characterized by spaciousness, good lighting, and comfort.

The estate was surrounded by a small square, which now belongs to the Saratov Financial and Technological College. It included outbuildings and a garden, with lighting provided by a steam locomotive.

After the death of Pyotr Petrovich in 1897, the house passed to his heirs. After the October Revolution, the estate was nationalized and became a kindergarten. On September 12, 1922, the first pioneer squad in Saratov was established here. On October 21, 1924, the House of Enlightenment Workers named after Lunacharsky, known as the House of Teachers, began operating in the building. Since the 1940s, various sports organizations occupied the premises of the estate's arena.

In 2000, the Saratov administration sold the building into private ownership, and in 2006, the House of Teachers vacated it due to rental debts. Commercial organizations moved into the mansion, and in the late 2000s, it underwent restoration. Later, it housed the creative club "Constellation," and now it is the Saratov Regional College of Arts.

The building is recognized as a monument of urban planning and architecture of regional significance.