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An Italianate-style villa, Chepstow was built in 1860 by resident Newport architect George Champlin Mason as the Chepstow parloersummer residence of Edmund Schermerhorn. Acquired by Mrs. Emily Morris Gallatin in 1911, the estate continued in the Morris family until bequeathed in 1986 to the Preservation Society, with its collections intact and an endowment by Mrs. Alletta Morris McBean.

Containing the original Morris-Gallatin furnishings together with important 19th century American paintings and documents from other former Morris family residences, Chepstow is highly evocative of the taste and collections of a descendant of one of America's founding families, placed in the context of a contemporary Newport summer home.