Steve Schwarzman Transforms Historic Newport Mansion into Private Museum

Billionaire Steve Schwarzman, the co-founder of Blackstone Group, has made headlines with his latest venture: the transformation of his historic Newport, Rhode Island mansion into a private museum. This grand estate, known as Miramar, has been meticulously restored and converted to house Schwarzman’s extensive collection of art and antiques, making it one of the most exclusive private museums in the world.

A Gilded Age Masterpiece

Miramar, originally built in 1913, is a stunning example of Gilded Age architecture. Designed by the renowned architect Horace Trumbauer, the mansion is set on 7.8 acres of pristine coastal land overlooking the Atlantic Ocean. The estate boasts 27,000 square feet of living space, including 22 bedrooms, 15 bathrooms, and numerous grand reception rooms that reflect the opulence and grandeur of the early 20th century.

As noted by Town & Country, Schwarzman purchased the property in 2021 for a reported $17 million. Since then, he has invested millions more in its restoration, preserving its historic elements while updating the mansion to serve as a state-of-the-art museum.

A Personal Museum of Unrivaled Treasures

The transformation of Miramar into a private museum is a testament to Schwarzman’s passion for art and history. The mansion now houses an impressive collection of artworks, including pieces by Old Masters, rare antiques, and historical artifacts. According to the Robb Report, Schwarzman’s collection is one of the most significant private holdings in the world, featuring items that span centuries and continents.

In an interview, a representative for Schwarzman remarked, “Mr. Schwarzman’s vision for Miramar was to create a space where the past could be preserved and celebrated. The museum offers a unique experience, allowing visitors to immerse themselves in the rich history of both the mansion and the collections it houses.”

A Legacy of Preservation

Schwarzman’s dedication to preserving history is evident not only in his restoration of Miramar but also in his broader philanthropic efforts. He has donated millions to cultural and educational institutions, including the New York Public Library and Oxford University. The creation of this private museum is a continuation of his commitment to cultural preservation, providing a unique space for future generations to appreciate the art and history of bygone eras.

The Town & Country article highlights that while Miramar remains a private residence, Schwarzman plans to open the museum to select visitors by invitation only, making it one of the most exclusive cultural destinations in the world. The mansion’s extensive grounds, which include formal gardens, a reflecting pool, and oceanfront vistas, further enhance the visitor experience, offering a glimpse into the opulent lifestyle of America’s Gilded Age elite.

Newport’s Cultural Renaissance

The transformation of Miramar is part of a broader renaissance in Newport, a city known for its historic mansions and cultural heritage. Newport has long been a playground for America’s wealthiest families, and the addition of Schwarzman’s private museum further cements the city’s status as a cultural hub.

As noted by Robb Report, Newport has seen a resurgence in interest from wealthy individuals looking to invest in historic properties. Schwarzman’s project is the latest example of this trend, showcasing how the city’s storied past continues to inspire and attract new generations of collectors and philanthropists.

Conclusion

Steve Schwarzman’s conversion of the Miramar mansion into a private museum is a remarkable achievement, blending historic preservation with a deep appreciation for art and culture. This project not only honors the legacy of Newport’s Gilded Age but also creates a lasting cultural institution that will inspire and educate future generations. With its exclusive collection and stunning setting, Miramar stands as a testament to Schwarzman’s vision and commitment to preserving history.