The locker contains thousands of nude and pornographic pictures, which were a part of the estate of Bob Guccione, the founder and publisher of Penthouse.
Guccione created a magazine empire in 1965 with his semi-pornographic magazine but was forced to declare bankruptcy in 2003.
He died in 2010 from cancer at age 79. Guccione seems to have left the material behind when his company was forced to close down, the New York Post reported.
Jeremy Frommer found photos of Madonna and Hutton included the original negatives and release forms besides Arnold Schwarzenegger's explicit photograph.
Letters from former Vice President Dick Cheney are also believed to be part of the discovered material.
Footage from infamous epic "Caligula" and an unpublished manuscript is there with 63 oil paintings and other works by Guccione, who was also a painter and art collector.
Frommer is working with film producer Rick Schwartz to curate and preserve the collection and plan an exhibition of some of the material.
