Merritt died in 1873, and his wife sold the estate in 1880 to railroad magnate, financial speculator, and robber baron Jay Gould, one of the wealthiest men of the period. The millionaire (whose fortune today would be equivalent to $2.17 billion) fell in love with the property after renting it as a family summer home a few years before. Gould renamed the property “Lynhurst” and spent his time between New York City and the property until he died in 1892.
After Gould’s death, his eldest daughter, Helen, became custodian of the estate. Helen added additional buildings to the property, such as a Pool Building and Bowley Alley. She opened the grounds and buildings to the community and used the property for various charitable efforts to help impoverished children and to offer and support programs endowing women’s education.