In 1787 Nikolai Sheremetev inherited Ostankino upon the death of his father. Well-educated and extremely wealthy, Nikolai Sheremetev was a patron of theater; his extravagant shows earned him nickname "Croesus Junior". In the three following years Sheremetev established house theaters in Kuskovo, Kitai-gorod and Markovo. In 1790 he held an architectural contest for a "Palace of Arts" in Moscow, but eventually preferred to build it in the country, far from city life. Building a new large theater in Kuskovo would have ruined an already completed ensemble, so in the same 1790 Sheremetev finally chose Ostankino.