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David Theomin was born in Bristol, England in 1852. He was the son of a Rabbi. He attended grammar school for three years in Bristol, in England. His working life began in 1865 as an apprentice to a merchant trading out of Bristol. David continued to work in the mercantile world until 1874, when he set out for Melbourne, Australia.

During the 1880's David Theomin established himself as a very successful businessman, developing the mercantile firm of Benjamin and Company and opening branches of his Dresden Piano Company throughout New Zealand. His new-found success was shared with the community, particularly the Dunedin Public Art Gallery. This support complemented his passion for art. By 1900 his distinctive, enthusiastic style for collecting art, typical of the late Victorian era, was at its height.

David Theomin continued an active life until 1933. He worked tirelessly to produce the financial resources required to build and maintain Olveston. His wide interests in the arts also included a passion for music. He was a member of the Royal Dunedin Male Choir. He was also involved with the affairs of the Dunedin Synagogue and worked hard in the interests of the Dunedin Chamber of Commerce, the Shipwreck Relief Society and the Patients and Prisoners Aid Society. David died at the age of 81.

Marie Theomin, (née Michaelis) was 24 when she married David Theomin. She ran her household with efficiency and was known as a 'firm but kindly lady'. She was very active in the newly formed Plunket Society, originated for the care of mothers and their babies. Her husband also shared this interest. Her involvement continued until her death in 1926. The Theomin family were very community driven and during the First World War Mr and Mrs Theomin both served on the Otago Patriotic Council.

The Theomin's only son Edward was born in 1885. Edward was destined to follow in his father's footsteps but the Great War intervened and Edward was soon fighting for his country in France. After the war he married Ethyl Moccatta in London before returning to Dunedin. It was a childless marriage. The war had taken its toll and by 1924 his health began to decline. He survived his mother by only two years, dying in 1928.

The Theomin's only daughter, Dorothy, was born in 1888 and began her education in Dunedin. This was completed at Roedean, in England. After the death of her father in 1933 Dorothy was the only member of the immediate family still living.

Her main interests were divided equally between indoor and outdoor pursuits. She loved the outdoor life. She was noted for her abilities as a horsewoman but her chief passion was the mountains of the Southern Alps. For many years she was a member of the New Zealand Alpine Club. Throughout her life she continued her parent's interests in the Dunedin Public Art Gallery and the Plunket Society.

Dorothy Michaelis Theomin died at the age of 77 on the 11th of October 1966, surviving her father by 33 years. It was revealed at the reading of her will that she bequeathed Olveston, with all its contents and an annual estate income, to the City Of Dunedin. It took twelve months of hard work by her many friends to pave the way for Olveston to become the historic family home that visitors enjoy today.