While the organisation has declined to disclose the price that Lynnewood Hall changed hands for, they revealed that they'd initially raised $9.5 million (£7.2m) to cover the purchase of the estate, urgent work and stabilisation efforts.

Following an extensive restoration plan, which is projected to cost upwards of $90 million (£68m), the group intends to open the house to the public as a "cultural home and museum, a love song to the fine and decorative arts."

Phase one of the restoration, which will cover the upgrade of critical systems, grounds restoration and preservation planning, is predicted to cost up to $30 million (£23m).

The group intends to raise funds for the restoration via a crowdfunding initiative on its website, as well as through other revenue streams, including partnerships with educational institutions.

Lynnewood Hall: the abandoned mansion with a tragic Titanic connection