Terrace Hill was built in the late 1860s by Iowa's first millionaire, Benjamin Allen, who outfitted the Second Empire style mansion with ornate decor and modern conveniences, such as an elevator and gas lights. When Allen fell on hard financial times, he sold the mansion to wealthy businessman Fredrick Hubbell, whose family kept the home until it was donated to the state in 1971.
Four governors have lived in Terrace Hill. Gov. Terry Branstad, who served as governor from 1983 to 1999 and then returned to office in 2011, is on his second stint in the home. The family's private residence is on the third floor, while the first two floors are open to the public for tours.
Allison Kleis, of Two Rivers Capital, a firm that is managing the fundraising effort, said it was important to Branstad that an endowment be established for Terrace Hill. She said the fundraising campaign continues and will now focus more heavily on the endowment effort.
"We are most definitely still fundraising," said Kleis. "One of the goals of the governor and Mrs. Branstad is to leave a legacy for Terrace Hill."