The Phillipses had immense family wealth, which originated from Eben Phillips who created the E.B Phillip & Fish Oil Franchise, as seen on the 1882 Sanborn map, and who owned a major plot within this block of properties. Eben Phillips was the "Oil magnate” of his time in Boston: he was a fish dealer with wharves in Gloucester and a large establishment in Boston, which existed on this block of Atlantic Avenue. He made millions of dollars from fish oil and also invested in real estate and railroad securities. (Boston Globe 1874, 1).

With all of this wealth, Eben was able to provide his family with millions of dollars as well as multiple properties, including his plot and additional plots on Atlantic Avenue and Purchase street. While the family used these properties for business, they resided in Swampscott, Massachusetts, and were the “most prominent family in Swampscott” under the legacy of Eben Phillips, the “Swampscott oil king”, who left an estate that was sufficient enough to provide each of his seven children with nearly $1,000,000 each. (Boston Globe 1905, 1). When Eben passed away these Atlantic Avenue plots were inherited by his sons John, David, and Leonard. However, David and Leonard eventually took over the largest properties on this block, which their joint firm inhabited from 1883 through 1938, as seen on the documented property maps. 

David was the millionaire president of the national Grand bank of Marblehead and was considered the head of this prominent family after Eben’s death. He primarily lived in his large estate in Swampscott, however, he and his brother also attended to their firm on Atlantic Avenue in Boston each day and continued to invest largely in land and real estate in the south financial district, as well as the railways. In 1905, at age fifty-two, David drowned in the ocean near his home at Phillips beach, however, the cause of his drowning was never determined. (Boston Globe 1905, 1).

Ten years later, in 1915, David’s brother and partner in his firm, Leonard, died as well. Leonard left an estate of $857,320.61 including his private property in Swampscott and his other properties that included land and buildings on Atlantic Avenue, as well as High, Pearl, and Congress streets. (Boston Globe 1916, 18). The rest of his real estate holdings were located in Swampscott. This immense wealth showcases the longstanding security and status of the Phillips family in the greater Boston area. While both David and Leonard passed away, there is evidence that this legacy continued as this property on Atlantic Avenue remained in the family under Eben B. Phillips, who was the son of John C. Phillips.