In 1844, Peto bought
Somerleyton Hall in
Suffolk. He rebuilt the hall with contemporary amenities, as well as constructing a school and more houses in the village. He next built similar projects in
Lowestoft. In 1846, Peto became co-treasurer of the
Baptist Missionary Society. From 1855 to March 1867, he was sole treasurer, resigning after personal financial difficulties. In 1855 he took over the lease of
The Diorama, Regent's Park and paid for its conversion into a Baptist Chapel. Peto served for two decades as a Member of Parliament. He was elected a
Liberal Member for
Norwich in 1847 to 1854, for
Finsbury from 1859 to 1865, and for
Bristol from 1865 to 1868. During this time he was one of the most prominent figures in public life. He helped to make a guarantee towards the financing of
The Great Exhibition of 1851, backing
Joseph Paxton's
Crystal Palace. In 1855 Peto was made a
baronet; but in the 1860s his businesses ran into trouble, so that in 1863 he sold Somerleyton Hall and in 1866 became bankrupt. After his involvement with the insolvency of the London, Chatham and Dover Railway in 1866, and the failure of the Peto and Betts partnership, Peto's personal reputation as a trustworthy businessman was badly damaged and never fully recovered. Between 1863-65 the current
Embassy of Nepal in Kensington Place Gardens, London W8, designed by the architect James Murray, was built for Peto. In 1865 he is listed as living at
Auchline House at
Killin in
Perthshire. In 1868, he had to give up his seat in
Parliament, despite having the support of both
Benjamin Disraeli and
William Ewart Gladstone. He exiled himself to Budapest and tried to promote railways in Russia and Hungary. When he returned he became the main contractor for the
Cornwall Minerals Railway which opened in 1874, but the failure of the related
Cornish Consolidated Iron Mines Corporation meant that he sustained heavy losses when iron ore traffic on the CMR failed to live up to expectations. The CMR itself survived and began to recover after it had introduced passenger services in 1876 and was then leased by the Great Western Railway in 1877, but this improvement came too late for Peto. He died in obscurity in 1889. ==Legacy==