Isaac Guggenheim was the eldest son of Meyer Guggenheim, the patriarch of what became known as the Guggenheim family. He worked in the family mining and smelting business.
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The "Villa Carola" was built around 1916 and following Isaac's death in 1922 owned by his brother Solomon Guggenheim. Renamed "Trillora Court".
Today it is the Village Club of Sands Point.
Links: en.wikipedia.org, www.oldlongisland.com