Hartford, Connecticut-born banker John Pierpont Morgan was looking to buy his own house by 1880. He wished to live in Murray Hill, where many of his and his wife's friends and business contacts lived. Morgan sought to buy John Jay Phelps's house at 219 Madison Avenue, at the corner with 36th Street, which was offered for $225,000. He acquired the house in 1881 and renovated it over the following two years. The exterior was largely retained to harmonize with the other houses, owned by the Phelpses and Dodge, but the interior was extensively renovated by the Herter Brothers. During this time, Morgan began to amass a large collection of fine art, inspired by that of his father Junius Spencer Morgan, although the art was stored in England to avoid import taxes. J. P. Morgan also began collecting rare books and other bindings upon his nephew Junius's suggestion; since books were not subject to import taxes, they were stored in his New York residence. In subsequent years, Morgan became one of the most influential financiers in the United States. J. P. Morgan's collection began to grow quickly after his father died in 1890. While part of Morgan's collection was stored in the basement of his house, other items were loaned or placed in storage.