Being one of the most beautiful buildings of the city, the villa was initially owned by the old-established Kapantzis family, whose presence in the city can be traced back to the late eighteenth century, when they figured prominently in the guild system. In 1912, following the incorporation of Thessaloniki into the Greek state, the villa served as the residence of Prince Nicholas, the first Military Governor of the city. In 1917, the Villa Kapantzis enjoyed its most glorious days as home of Prime Minister Eleftherios Venizelos, then head of a Provisional (revolutionary) Government, based in Thessaloniki, during a critical period in the history of Greece. Between 1918 and 1922 the villa was the residence of the Kapantzis and Cohen families. Following the Greek defeat in Asia Minor (1922) and until 1928, refugee families were accommodated in its rooms.Between 1938 and 1972, excepting the period of the Second World War, the villa housed the Fifth Boys High School. In 1940 the building was requisitioned by the Greek Army and was used as a military bakery. During the German Occupation (1941-1944), it was requisitioned by the German authorities. Following the liberation, it served as British Army headquarters until the summer of 1945, when it was returned to the Fifth Boys’ High School, which remained there until 1972. The building was then restored and now houses Cultural Center of the National Bank of Greece