The Sheridan Opera House is an intimate 238-seat theater listed on the National Register of Historic Places, referred to as both "Telluride's Living Room" and "The Crown Jewel of Telluride." Built in 1913 by J. A. Segerberg, manager of the New Sheridan Hotel, the theater features rare transitional-period Art Nouveau and Craftsman decorative stenciling throughout its interior.

The building has hosted famous entertainers including Sarah Bernhardt, Lillian Gish, and has attracted A-list talent throughout its history. After periods of closure during Prohibition and mid-century decline, it was renamed the Sheridan Opera House in the early 1960s. In 1991, Sandra Carradine founded the Sheridan Arts Foundation as a 501(c)(3) non-profit to undertake comprehensive restoration of the crumbling building in partnership with the Town of Telluride and the Colorado Historical Society.

Today, the venue is home to the Sheridan Arts Foundation and offers events year-round while benefiting numerous local charitable organizations, community endeavors, and small businesses. The SAF has committed over $2.4 million to historic restoration and continues to bring quality arts and cultural programming to the community while providing local and national youth access to the arts through education programs including the Wild West Fest, Young People's Theater, and partnerships with Boys and Girls Clubs of America.