A storage system for mounting to a ceiling or overhead structure comprises a mounting frame, a storage compartment, a lift mechanism and a tilt mechanism. The mounting frame is mounted to the ceiling or overhead structure. The storage compartment is coupled to the mounting frame for pivotal movement relative to the ceiling or overhead structure between an access position and a storage position. The storage compartment comprises a frame and at least one shelf having a support surface. The shelf is mounted to the frame for pivotal movement relative thereto. The lift mechanism is coupled to the frame of the storage compartment and configured to raise the storage compartment from the access position to the storage position. The tilt mechanism is coupled to the shelf and configured to maintain the support surface of the shelf in a substantially consistent orientation relative to the ceiling when the storage compartment is in the access position, the storage position and positions between the access and storage positions. The storage system may also include an actuator driving the lift and tilt mechanisms to move the storage compartment between the access and storage positions and maintain the relative orientation of the support surface of the shelf during such movement. In specific embodiments the storage compartment may be configured to act as a wet bar or entertainment center.