Billionaire Lawrence Ellison has now unveiled plans on turning Caroline Astor's historic Newport cottage, "Beechwood", into a museum to house his large art collection. Ellison plans on restoring the property to the way it was when Mrs. Astor lived there and has called in architect John Grosvenor to oversee the renovation. The renovations include restoring the loggia and glass-walled palm court that were destroyed and replaced by Hurricane Carol in 1954 and also restoring the brownstone that used to cover the exterior. Ellison has also purchased the adjoining carrige house and green house lots and plans on merging the two lots. The grounds will also be restored and covered with lush greenery and gardens. The cost estimates have not been completed yet.