In the late 19th century, Olaf and Michael Scanlon formed a partnership that would endure throughout their lives; the Scanlon-Habberstad Bank. Their building, in downtown Lanesboro, still houses the local bank. In 1897, Olaf and Celia built the Habberstad House. They raised their 6 children in the home, and Olaf lived here until his death in 1935. Since then, the home has served as a private residence, a hospital, a nursing home, and a boarding house.

The Queen Anne style home has been completely renovated. The main floor has retained all of its original oak woodwork. Dark, tooled faux leather lines the walls in the foyer and main stairway. Eight foot tall pocket doors, with their original hardware and in superb working condition, separate the front parlor, sitting and dining rooms on the main floor. A beautiful, intricate, built-in oak hutch and carved oak-mantled fireplace in the sitting room are highlights. The house is decorated with antiques that complement the period and architecture of the home. Graceful latticed "moongates" surround porches on both the first and second floors. The large yard and quiet neighborhood provide a perfect place for rest and relaxation.