A Vanderbilt Residence Sells for $2.75MM in Newport, RI

Newport Market Shows Strength and Popularity

Dec 16, 2010, 10:00 ET from Vanderbilt International Properties

NEWPORT, R.I., Dec. 16, 2010 /PRNewswire/ -- A Vanderbilt Residence at Brown and Howard Wharf sold and closed today for $2.75MM. The buyers, based in Cincinnati, Ohio, are avid sailors and became interested in the development over the summer having learned that English entrepreneur and philanthropist Peter de Savary, a partner with Joe Paolino Jr. in the project, had masterminded the final phases of the development.   The buyers are members of the prestigious and exclusive "Carnegie Club" founded by Peter de Savary at Skibo Castle in Scotland.

(Photo: http://photos.prnewswire.com/prnh/20100618/NE13293 )

Overlooking the famed Newport Harbor, there are now only six of the 16 turn-key luxury waterfront residences remaining of which one penthouse residence is under contract and two other parties are in serious negotiations.  

"Since we completed the development in late July we have had an increase in interest from buyers internationally," said de Savary.  "People now recognize the rare opportunity to own a luxurious and exclusive residence on the Newport Harbor waterfront, adjoining a state-of-the-art private marina where they can overlook their boat.  I expect the remaining six turn-key residences to be sold quickly during the coming season.  Affluent and discerning buyers are attracted to prime real estate of unique quality and character and of limited availability."  

The 2,921 square foot residence (including multiple terraces) features two-bedrooms plus a delightful yacht cabin and was sold fully furnished.  The remaining six residences for sale are spacious and extravagant with three-bedrooms, extensive living areas, terraces and range in price from $2.55MM to $3.5MM fully furnished.  The residences feature custom architectural detailing, bespoke designer features, on-site management, concierge services, a seasonal owner's private waterfront café, and heated garages, separated storage and guaranteed dockage at The Marina at Brown & Howard Wharf.  Residents also enjoy access to the spa, dining and residential features of the internationally acclaimed Vanderbilt Hall located just moments away.

For more information, please contact Stacie Mills, principal broker for Vanderbilt International Properties located on Brown & Howard Wharf at (401) 862-2793.  

SOURCE Vanderbilt International Properties