Carolyn Rafaelian on the cover of Forbes’ third annual America’s Richest Self-Made Women issue

Designed in 1891 by renowned Beaux Arts architect Richard Morris Hunt, the Newport, Rhode Island, mansion known as Belcourt was inspired by Louis XIII’s hunting lodge at Versailles and built for banking heir Oliver Belmont.

With 60 rooms and more than 55,000 square feet of living space, the estate was intended to be Belmont’s summer bachelor pad—with stables on the first floor for the horse-loving owner.

Shortly after the home was completed, Belmont fell in love with a neighbor, suffragist Alva Vanderbilt, who, after divorcing her husband and moving out of their mansion down the street, brought a woman’s touch to the place. (The horses were the first to go; then she added a library and transformed the halls for entertaining.)

In 1940, the Belmont family sold the estate, and it has changed hands several times over the decades, falling into disrepair and disrepute: In 1999, Belcourt was reportedly the site of an infamous 800-person “no underwear” party. Then in 2012, Carolyn Rafaelian, the billionaire founder of the jewelry brand Alex and Ani purchased the property for $3.6 million—and the spirit of Alva Vanderbilt returned.

Rafaelian has invested many millions in the estate, including a complete renovation of the library. She also added solar paneling to the roof and, of course, restored Alva’s bedroom to its Gilded Age glory.