The mansion was built by Fedir Lysak, who made his fortune through construction contracts in the late 19th century. Interestingly, he never intended to live in the house himself. A decade later, he rented it out to Karl Schwaigut, an Austrian national who settled in Cherkasy, and the building became locally known as the „Schwaigut House“. In the 1890s, the house hosted the primary classes of a gymnasium and later served as the City Public Assembly, which included a library and a concert hall.

In the 20th century, it was used by a boys’ gymnasium, the workshops of the First Labor School, a bank, and various municipal offices. In the 1960s, it housed the city’s first planetarium. This one-story building stands out with its carved wooden gable, inlaid decorative doors, and preserved original architectural details. Today, the mansion is recognized as a historic landmark and architectural heritage site.