38 Pelham Street (via JJ Auctioneers)

A historic Newport property has sold for nearly $3 million at auction. The Georgian post-and-beam house at 38 Pelham St. went for $2,966,250 after eight buyers competed, each with $50,000 in bank funds, according to JJManning Auctioneers.

Built in 1744 for John Gidley, the 7,260-square-foot building sits on 0.17 acres in Newport’s Historic Hill District. By 1850, it had been turned into the “Pelham Street House” hotel and has been used for various hospitality and rental purposes since.

The property’s recent history includes a water leak in July 2021 that led to major interior gutting. Renovations were in progress to create 10 short-term rental units within the existing structure.

Zoned for general business use, the property allows for residential, home occupation, and professional office uses as well.

Before the auction, JJManning Auctioneers had listed the property as “Potential In-Town Estate or Historic Income Property.”

The auction required a $50,000 certified deposit from bidders, with the rest of a 10% deposit due by April 7. The buyer has 30 days to close on the property.

Ryan Belmore is the owner and publisher of What's Up Newp. He took over the publication in 2012 and has grown it into a three-time Rhode Island Monthly Best Local News Blog (2018, 2019, 2020). He was named LION Publishers Member of the Year in 2020 and received the Dominique Award from the Arts & Cultural Society of Newport County the same year. He has been awarded grants for investigative and community journalism, and continues to coach and mentor new local news publications nationwide. Ryan...