In 1492, a great tournament was held at the Palace by Henry VII. On 23 December 1497 a fire destroyed most of the wooden buildings. Henry rebuilt it and named the new palace "Richmond" Palace after his title of Earl of Richmond. The earldom was seated at Richmond Castle, Yorkshire, from which it took its name. In 1502, the new palace witnessed the betrothal of Princess Margaret, daughter of Henry VII, to King James IV of Scotland. From this line eventually came the House of Stuart. In 1509 Henry VII died at Richmond Palace.