In 1875, the director of the classical gymnasium on Ligovka in St. Petersburg faced serious financial problems. The school was in debt and could not pay its bills. Then one of the students, the son of an Irkutsk merchant, offered to buy the educational institution. He not only did this but also carried out repairs, purchased furniture, and stationery. This student was Innocent Sibirakov.

His father, having discovered large gold deposits on the Bodaybo River, became wealthy but spent money wisely: he founded a factory and invested in production. In Russia, Sibirakov was considered one of the richest gold producers and left a large inheritance to his sons, including Innocent. With this money, Innocent bought the gymnasium. Contemporaries remembered him as an unusual benefactor. At first, he donated money for the construction of hospitals, schools, universities, and theaters, for which he was praised.

However, later some people, knowing of his generosity, began to ask for money for personal needs. It reached absurdity: queues formed outside his apartment on Gorokhovaya Street, and when asked, 'Why do you need the money?' some replied, 'For drinks!' Innocent Mikhailovich would give, saying, 'If a person asks, then he needs it, and why not give if I am not poor.' He lived modestly: did not have expensive carriages, wore simple clothes, did not lead a luxurious lifestyle, and rented a modest apartment. He was nicknamed 'the shy Irkutsk merchant.'

Before his death, Innocent Mikhailovich fully devoted himself to Orthodoxy, transferred all the factories to his brothers, distributed 420,000 rubles to workers for pensions, and went to Greece. There, he founded the Cathedral of Apostle Andrew the First-Called. On Mount Athos, Sibirakov passed away in 1901 at the age of 41. Three years later, according to Athos custom, his remains were exhumed. The flesh had completely decayed, and the bones had taken on an amber-honey color, which, according to tradition, indicates the special righteousness of a person.