The church was built in 432 over the ruins of an imperial villa to house the chains that bound St Peter when he was imprisoned in Jerusalem.  According to the legend these chains along with ones that were used during his imprisonment in Mamertime, fused together when Pope Leo I compared them. The building has gone through several restorations and rebuildings. It was restored between 772 – 795 by Pope Adrian I and rebuilt between 1471 – 1484 by Pope Sixtus IV and 1503 – 1513 by Pope Julius II. It has been owned by the Italian state since 1970, and is now deconsecrated.   It is said that it was used by some as a place to practice dark arts and rituals.

Dark shadows are often seen here, the main one thought to be a Russian princess who is seem wearing a black veil over her face. Also strange noises are heard and objects are moved.