Fill a large pot with lightly salted water and bring to a rolling boil. Stir in farfalle and return to a boil. Cook farfalle uncovered, stirring occasionally, until tender yet firm to the bite, about 12 minutes. Drain and transfer to a serving bowl.

Heat olive oil and butter together in a large skillet over medium heat. Add mushrooms, onions, and garlic; cook and stir until mushrooms are tender, 5 to 10 minutes.

Combine cream cheese, wine, tomato paste, lemon juice, cornstarch, bouillon cube, parsley, seasoned salt, and paprika together in a bowl; add steak. Add cream cheese mixture to mushroom mixture in skillet; cook and gently stir over low heat just until sauce is warmed and smooth, 5 to 10 minutes. Add enough milk to reach desired consistency.

Pour sauce over farfalle and toss to coat. Season with black pepper.