The home was built on an estate, then called "Elm Park," for LeGrand Lockwood, who made his fortune in banking and the railroad industry.

[6] Prominent New York decorating firms, including Herter Brothers and Leon Marcotte were contracted to furnish the mansion's interiors.

The mansion was a residence and suburban retreat for the Mathews family, with their Thompson and Martin relatives, until the death of Charles's daughter Florence in 1938.

[6] Built in 1864–68, the home is an early example of the style used by wealthy New York City elites such as the Vanderbilts in building their Gilded Age mansions later in the 19th century, and set a new standard for opulence.

[8] Plans for renovation work at the museum include adding an elevator, and systems for heating, air conditioning, and sprinklers.

The studio also left behind some large paintings (in essence, theatrical pastiches), which serve to emphasize the dramatic size of the rotunda.

As a result, the walls look fresh and decorated, and will remain protected until further funds become available for proper, curatorial restoration of the original damaged surfaces.