Milbank Mansion

“A grand mansion fit for a king,” Jeremiah Milbank might have declared upon combining two East 67th Street townhouses into one magnificent dwelling. The Milbank Mansion, right here before us, has witnessed a whirlwind of history, from Gilded Age elegance to scandalous whispers and million-dollar renovations. The Milbank Mansion stands as a silent observer to the ever-changing tides of New York City life. Let’s step back in time to 1919. Jeremiah Milbank, a director of Metropolitan Life Insurance, envisioned a grand home near Central Park. He purchased two neighboring brownstones at 14 and 16 East 67th Street, previously owned by various socialites and developers. Milbank hired architects Dodge & Morrison to merge the two houses. They created a limestone-clad, 48-foot-wide mansion. It was designed in the fashionable French 18th-century style. Despite their efforts, the mansion retained the subtle appearance of two houses joined together. Inside, the Milbank Mansion glittered with opulence. The couple hosted lavish parties, introducing their daughter to society and celebrating family milestones. Interestingly, Milbank’s devout nature played a role in a pivotal moment in film history. He provided funding to Cecil B. DeMille for his movie “The King of Kings” after initially being hesitant to invest in the film industry. Fast forward to the 1970s. The Milbank Mansion took a dramatic turn when Bob Guccione, the publisher of Penthouse Magazine, acquired the property. He preserved the historic exterior. However, inside, he transformed the space into a reflection of his own flamboyant style, adding a Roman-inspired indoor pool with his face etched into the marble columns. Guccione’s tenure at the Milbank Mansion was marked by scandal, including a lawsuit from a “Pet of the Year.” This era contrasted sharply with the Milbank’s conservative past. In 2006, after Guccione’s empire crumbled, the mansion sold for $59 million to investment banker J. Christopher Flowers. His ownership was short-lived. In 2008, hedge-fund manager Philip Falcone purchased the Milbank Mansion for $49 million, promptly removing Guccione’s extravagant touches. While aiming to restore pre-Guccione elegance, the Falcones added modern amenities like a movie theater and gym. In 2011, renovations were still underway. In a record-breaking deal in 2020, the Milbank Mansion sold for $80 million, solidifying its place as the most expensive townhouse ever sold in New York City. From elegant soirees to scandalous whispers, the Milbank Mansion has seen it all. Its story mirrors the ever-evolving narrative of New York City itself.