The iconic Newport estate known as Fairholme, which sold back in July of 2015 for $15 million and was put back on the market for $21 million on November of 2015, sold for $16.1 million on Friday; according to The Providence Journal.
[contextly_auto_sidebar] The Providence Journal shares that the property was sold to “Fairholme LLP”.
The state’s record house price, $17.75 million, was set in April 2013 for pop singer Taylor Swift’s oceanfront mansion in Watch Hill.
At 4pm on February 20th we receiving the following update from Lila Delman Real Estate;
Melanie Delman of Lila Delman Real Estate International announced the sale of “Fairholme” and represented the seller and facilitated for the buyer. The property, which sits on 4.3 acres with ocean frontage, closed for $16.1 million, according to data from the statewide Multiple Listing Service. The buyer, Fairholme LLC has chosen to remain anonymous.
The 1875 Tudor revival is considered a masterpiece and it includes a grand Horace Trumbauer designed ballroom, endless rooms, carriage house, greenhouses, tiled swimming pool and a cabana pavilion that overlooks the Atlantic.
“Fairholme is one of the most beloved estates in Newport,” Melanie Delman said.
The property was remodeled in 1905 by John R. Drexel. Under the Drexel’s ownership the home had many notable visitors including The Duke & Duchess of Windsor, and President John F. Kennedy whose family would often use the pool in the summers. Robert A. Young and his wife Anita O’Keeffe, sister of Georgia O’Keeffe acquired Fairholme in 1955. They had one daughter, Eleanor “Cookie” Young, who became one of the much-publicized “Glamour Debutantes” of the Great Depression -era.
Flipping Mansions
The 15 bed, 14 bath, 24,393 square foot home located at 237 Ruggles Avenue was listed once again for sale on November 3, 2015 for $21 million, $6 million more than the purchase price and $4.1 million more than the previous asking price of $16.9 million.
Melanie Delman, President of Lila Delman Real Estate International represented the seller and facilitating for the buyer in the July sale and most recent listing on November 3rd was also represented by Lila Delman Real Estate.
The July sale of Fairholme was the largest residential sale in Rhode Island since 2013 according to data from the Rhode Island Statewide Multiple Listing Service.
Lila Delman Real Estate did not release who purchased the property on July 27th.
July Seller
The July 27th seller, John Noffo Kahn of Palm Beach, and heir to the Annenberg publishing fortune, was a third-generation owner of “Fairholme,” which was purchased by his late grandmother, Janet Annenberg Hooker, a sister of the late Ambassador Walter H. Annenberg, in 1992, for $3,350,000. Mr. Noffo Kahn occupied the house, with his late father, Gilbert S. Kahn, from 1993 until Kahn’s death in 2010. During their many years in Newport, the Kahns donated millions of dollars to a number of Newport charities–including the Newport Hospital, the Redwood Library, the Newport Art Museum, and the Preservation Society. In addition to Palm Beach, John Noffo Kahn has homes in New York City and Vermont.
The Annenberg family owned Triangle Publications, whose media properties included TV Guide, the Daily Racing Form, Seventeen Magazine, The Philadelphia Inquirer, as well as several radio and television stations. The privately-held company was sold to Rupert Murdoch, in 1988, for $3.5 billion in cash.
Fairholme
Fairholme is a dazzling historic oceanfront estate, superbly sited on 4.3 acres of Newport’s legendary Gilded Age coastline with 425’ of ocean frontage. From the grand Horace Trumbauer designed ballroom to ample spaces dedicated to staff and the efficient performance of their duties, the manor house reflects a bygone era of luxury and refinement. The 1875 Tudor revival masterpiece lies at the heart of an impressive compound that also contains a picturesque carriage house, greenhouses, and an exquisitely tiled swimming pool, complete with a luxurious cabana pavilion overlooking the Atlantic.
The property was remodeled in 1905 by John R. Drexel. Under the Drexel’s ownership the home had many notable visitors including The Duke & Duchess of Windsor, and President John F. Kennedy whose family would often use the pool in the summers. Robert A. Young and his wife Anita O’Keeffe, sister of Georgia O’Keeffe acquired Fairholme in 1955. They had one daughter, Eleanor “Cookie” Young, who became one of the much-publicized “Glamour Debutantes” of the Great Depression -era.
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