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Schwarzman’s Bid for Immortality

The hedge fund billionaire’s Newport restoration, a stunning cliffside estate to rival the Vanderbilts’ old Breakers, will be turned into a museum after his and his wife’s deaths. Art market sources say it’s less about the collection than creating a monument to his own Gilded Age legacy.

steve Schwarzman
The Schwarzmans are not art collectors in the usual sense of the term, although their $45 billion net worth means they surely buy art. Photo: Simon Dawson/Bloomberg/Getty Images
Marion Maneker
August 18, 2024

I had not paid any attention to Stephen and Christine Schwarzman’s Newport restoration project until my partner Bill Cohan reported on the big housewarming party the couple threw last week at Miramar, their newly refurbished 8-acre clifftop estate on Bellevue Avenue. As Bill suggested, the house is a bit of a head-scratcher for a couple who already have residences in Nantucket, East Hampton, Saint-Tropez, Jamaica, and an estate in the English countryside, not to mention a primary home on Park Avenue. Were they really giving up on the big billionaire summer redoubts in favor of sleepy, old-ish money Newport, as an article in Air Mail had originally suggested?