On his father's death, in October 1887, Stern inherited the Portuguese barony and a fortune of £2 million, which he substantially increased during his lifetime.

He was a prominent philanthropist, contributing to the National Gallery and funding Adrian Jones' quadriga atop Wellington Arch via an anonymous donation of approximately £20,000.

[2] During the First World War he acquired Hotel Astoria in Paris to be used as a hospital for British troops.

[1] He was also involved in thoroughbred horse racing and is known for having bred Plucky Liege, one of the most important broodmares of the 20th century.

[5] Lord Michelham was appointed a Knight Commander of the Royal Victorian Order (KCVO) in 1912.