The home was originally built between 1920-1921 for Cooper Lightbown, a builder, who had a hand in Marjorie Merriweather Post's Mar-a-Lago. Lightbown was one of the first mayors of the Town of Palm Beach. In 1922, Lightbown leased the house to Florenz Ziegfeld, the Broadway impresario behind the Ziegfeld Follies, and his wife, actress Billie Burke who later went on to play Glinda the Good Witch of the North in 1939's The Wizard of Oz.
The house was later owned by artist, opera singer, and social director Francesco Guardabassi and his wife, Rosalind Wood, a wool heiress. The couple were given the titles of Count and Countess Guardabassi by Italian dictator Benito Mussolini.
After the death of Count Guardabassi in 1952 and Countess Guardabassi in 1971, their estate sold the home to artist and builder John Eberhardt, who designed theater stage sets and was one of the developers of Fire Island's Cherry Grove neighborhood, where he built a number of homes as well as the elaborate Belvedere hotel. Eberhardt personally some of his own artistic talents throughout the house including numerous antiques and detailed ceiling frescoes, painted floor tiles, and custom moldings.