Karl Waldemar Scholz was a rich rubber merchant during the peak of the Amazon rubber boom (1890 – 1920). Like many wealthy European plantation owners living in Manaus at the time, he spared no expense building his mansion. Scholz Palace was finished in 1911, just when the industry began to collapse. In 1918, the Amazonas state acquired the property and renamed it Rio Negro Palace in honor of the river where Manaus is located. This was the governor’s residence until 1959 and the seat of the state government until 1995.