Steve Schwarzman Transforms Historic Newport Mansion into a Private Museum
Billionaire Steve Schwarzman, co-founder of the Blackstone Group, has undertaken an ambitious project: converting his historic Newport, Rhode Island mansion into a private museum. Known as Miramar, this grand estate has been carefully restored and repurposed to showcase Schwarzman’s extensive collection of art and antiques, making it one of the most exclusive private museums in the world.
A Gilded Age Masterpiece
Originally built in 1913, Miramar is a stunning example of Gilded Age architecture. Designed by renowned architect Horace Trumbauer, the mansion sits on 7.8 acres of pristine coastal land overlooking the Atlantic Ocean. The estate spans 27,000 square feet and includes 22 bedrooms, 15 bathrooms, and a series of grand reception rooms, all reflecting the opulence of early 20th-century America.
Schwarzman purchased Miramar in 2021 for a reported $17 million, according to Town & Country. Since acquiring the property, he has invested millions in its restoration, ensuring that its historic charm remains intact while updating the mansion to function as a modern, world-class museum. The home was originally built for Eleanor Elkins Widener, with Trumbauer designing it as a neoclassical French petit palais, inspired by 18th-century French architecture.
A Private Collection of Unparalleled Treasures
The transformation of Miramar into a private museum highlights Schwarzman’s deep passion for art and history. The estate now houses an extraordinary collection, featuring works by Old Masters, rare antiques, and historical artifacts from various periods and regions. According to Robb Report, Schwarzman’s collection ranks among the most significant private art holdings in the world.
The main mansion, constructed of limestone, features an H-shaped design and a surrounding balustraded terrace. A representative for Schwarzman shared, “Mr. Schwarzman’s vision for Miramar was to create a space where history is preserved and celebrated. The museum offers a unique experience, allowing visitors to engage with both the estate’s rich past and the remarkable collection it holds.”
The residence includes more than 22 bedrooms, 13 full bathrooms, and 5 half-baths, ensuring ample space for its new role as an exclusive cultural destination.
A Commitment to Historic Preservation
Schwarzman’s passion for preservation extends beyond Miramar. He has donated millions to cultural and educational institutions, including the New York Public Library and Oxford University. His efforts in restoring Miramar align with his broader mission of protecting and promoting historical and artistic heritage.
The estate remains a private residence, but Town & Country reports that Schwarzman plans to open the museum by invitation only, making it one of the most exclusive cultural experiences in the world. Visitors will have the chance to explore Miramar’s beautifully landscaped grounds, which feature formal gardens, a reflecting pool, oceanfront views, and ornate statues and fountains.
Newport’s Cultural Renaissance
Schwarzman’s project is part of a broader resurgence in Newport, a city long associated with America’s wealthiest families and its historic mansions. In recent years, Newport has seen renewed interest from affluent individuals looking to restore and preserve its grand estates. As Robb Report notes, Schwarzman’s investment is a prime example of this trend, reinforcing the city’s reputation as a premier cultural and historic destination.
Conclusion
Steve Schwarzman’s transformation of Miramar into a private museum is a remarkable achievement that seamlessly blends historic preservation with an appreciation for fine art and culture. This project not only honors Newport’s Gilded Age legacy but also establishes a lasting cultural institution that will inspire future generations. With its extraordinary collection and breathtaking setting, Miramar stands as a testament to Schwarzman’s dedication to preserving and celebrating history.
Built in 1913 for Eleanor Elkins Widener, Miramar remains a symbol of architectural excellence, now given new life as one of the most exclusive private museums in the world.
