On his return he invested part of the fortune he had made in 60 acres overlooking Cold Spring Harbor on the North Shore of Long Island, where in 1852-55, in competition with P. T. Barnum's palace "Iranistan" in Bridgeport, Connecticut, he proceeded to design and have built a baronial residence from its eastern shore, which, it was given out, was intended to resemble Windsor Castle; he named the place Glenada, the glen of his daughter Ada, but the locals called it "Banvard's Folly".