Peter the Great's Boat Museum-Estate was founded in 1803 on Gremyach hill around the wooden boat Fortuna, which was once part of Peter the Great's play fleet on Lake Plescheevo. The days the young tsar spent with his toy fleet in Pereslavl-Zalessky between 1689 and 1692 instilled in him a love of all things naval which led to him creating Russia's first fleet and changing the course of Russian history. As well as the Fortuna, helms, masts and anchors from other boats were also placed in the museum.

In 1850 an obelisk dedicated to Peter the Great was added to the estate and this was joined by triumphal arches and a rotunda in 1852. In 1853 an estate house - known as the White Palace - was built on the estate for entertaining important visitors. Today the museum-estate is run as a branch of the Pereslavl-Zalessky State Historical, Architectural and Art Museum Reserve.