Nikolai Ryabushinsky, the fifth of the Ryabushinsky brothers, was known for his extravagance and eccentricity. In 1900, after he spent a significant part of his fortune, the brothers removed him from the family business, and guardianship was established over his property. In 1905, he sold his shares in the family cotton partnership to publish the magazine 'Golden Fleece,' which became an important publication of Russian symbolism. Nikolai was able to attract the best representatives of the artistic intelligentsia of Moscow to work on the magazine. In 1907, he organized the 'Blue Rose' exhibition, which marked the beginning of the eponymous association of symbolist artists. Two years later, he held a vernissage of contemporary French artists, introducing the works of Henri Matisse to the Moscow public for the first time.

One of Nikolai's eccentric acts was the construction of a villa in Petrovsky Park. Behind the strict neoclassical facade lay whimsical interiors that astonished contemporaries with their exotic luxury. The black swan, depicted on furniture, porcelain, and crystal, became the symbol of the villa. The housewarming was organized on a grand scale: invitations were adorned with a monogram featuring the black swan and the inscription 'Villa Black Swan.' The garden was filled with palm trees and orchids, peacocks and pheasants roamed freely, and a leopard sat by its kennel.

To decorate the villa, Nikolai commissioned painted panels from Pavel Kuznetsov, the leader of the 'Blue Rose.' The hall was adorned with the frieze 'Unborn Infants,' which left an unpleasant impression. The villa was decorated with rare items brought back from travels and a collection of paintings that included works by European masters and contemporary artists. There was also Nikolai's own studio, as he was passionate about painting.

Among the rooms of the villa, the 'Grandmother's Room' stood out, furnished in the style of an old dwelling, contrasting with the modern paintings. In the garden, Nikolai planned to build a zoo, but this idea had to be abandoned due to police restrictions. At the entrance to the garden stood a marble sarcophagus with a figure of a bull, intended for the future tomb of the owner.

The villa often became a venue for lavish celebrations. Artist Sergey Vinogradov recalls the 'Apple Blossom Festival,' when dinner was served on the terrace in the blooming garden, and in the evening, the trees lit up with colorful lights. On another occasion, for New Year, Nikolai decorated the trees with hundreds of light bulbs and held a reception where he gifted guests paintings and jewelry.

In 1915, the villa suffered greatly from a fire that destroyed a significant part of the interiors and the painting collection, including Kuznetsov's frieze and the works of the 'Blue Rose.' However, the portrait of Valery Bryusov by Vrubel was saved.

After the fire, Nikolai sold the villa to his friend, oil industrialist Leon Mantashov, who, according to rumors, won it in a card game. The monogram of Leon Mantashov remains on the building.