Billionaire Steve Schwarzman and his wife have announced plans to open their Neoclassical mansion, Miramar, in Newport, Rhode Island to the public following their deaths. The estate, located on Bellevue Avenue, was originally designed by Philadelphia architect Horace Trumbauer for streetcar magnate George Dunton Widener and his wife, Eleanor in the early 1990s. The Schwarzmans purchased the property for $27 million in 2021 and conducted a three-year renovation to restore it to its former glory, including adding period-correct art and decor. The couple intends for Miramar to be converted into a private museum run by a foundation with an endowment to cover operation expenses.
Miramar represents the glitz and glamor of the Gilded Age and holds a storied history, including being the residence of Eleanor Widener and her second husband, Alexander Hamilton Rice, Jr. The property changed hands multiple times before being purchased by former Goldman Sachs banker David B. Ford in 2006 for a record $17.15 million. The Schwarzmans’ careful curation of period-correct art and decor has garnered praise from experts, who note the couple’s dedication to honoring the Gilded Age traditions of Newport. Director of the Frick Collection in New York, Ian Wardropper, commended the couple for their efforts in restoring the mansion to its former grandeur.
The Schwarzmans intend for Miramar to join other historic Newport mansions, such as Marble House and the Breakers, in opening its doors to the public. Trudy Coxe, CEO of the Preservation Society of Newport County, expressed admiration for the couple’s dedication to preservation and their culturally significant collection. The museum at Miramar will be a testament to the couple’s love of history and their commitment to sharing it with the community. The philanthropic endeavor is just one of many charitable initiatives undertaken by Schwarzman and his wife, showcasing their appreciation for historic preservation and cultural heritage.
The Miramar estate, with its ornate architecture and opulent furnishings, will be a welcome addition to the Newport historic preservation landscape. The public will have the opportunity to appreciate rarities within the mansion curated by the Schwarzmans, including paintings and portraits by renowned artists such as Jean-Honoré Fragonard and John Singer Sargent. The private foundation that will oversee the museum’s operation will ensure that Miramar remains a place where visitors can immerse themselves in the grandeur of the Gilded Age and appreciate a significant piece of Newport’s architectural heritage.
The Schwarzmans’ decision to open Miramar to the public reflects their commitment to preserving history and cultural heritage for future generations. The 30th richest man in the world with an estimated net worth of $43.9 billion, Steve Schwarzman’s philanthropic endeavors extend beyond the realms of business. By transforming Miramar into a private museum for the public in perpetuity, the couple is not only honoring the legacy of the Gilded Age but also contributing to the historic preservation of Newport. The museum at Miramar will be a testament to the couple’s dedication to preserving history and cultural heritage for the benefit of the community.
