It is indicative of Basil's intentions for this church that he endowed it with its own administration and estates, on the model of the Hagia Sophia. During his and his immediate successors' reign, the "Nea" played an important role in palace ceremonies, and at least until the reign of Constantine VII, the anniversary of its consecration was a major dynastic feast. At some point in the late 11th century it was turned into a monastery, and was known as the "New Monastery" (Νέα Μονή). Emperor Isaac II Angelos stripped it of much of its decoration, its furniture and liturgical vessels, and used them to restore the church of St Michael at Anaplous. The building continued to be used by the Latins and survived the Palaiologan period until after the Ottoman conquest of the city. The Ottomans however used it for gunpowder storage. Thus in 1490, when the building was struck by a lightning, it was destroyed and subsequently torn down. As a result, the only information we have about the church comes from literary evidence, especially the mid-10th century "Vita Basilii", as well a few crude depictions in maps.