2/26/2016 Fairholme Sells For Second Time in 12 Months, This Time for $16.1 Million What'sUpNewp http://whatsupnewp.com/fairholmenewportri2016/ 1/7 Friday, February 26, 2016 Teens Will Have Opportunity to Sail Along New England Coastline Aboard Oliver Hazard Perry This August Your Proper Source for What’s Happening, New & To Do in Newport Read 118,565 times in last 30 days Latest: HOME NEWS NEWPORT HEADLINES CITY & GOVERNMENT ARTS & ENTERTAINMENT THINGS TO DO REAL ESTATE RESTAURANTS SAILING & SPORTS STYLE & SHOP NOW HIRING IN NEWPORT EVENTS CALENDAR PODCAST WHAT’SUPNEWP CARD ABOUT US
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2/26/2016 Fairholme Sells For Second Time in 12 Months, This Time for $16.1 Million What'sUpNewp
Fairholme Sells For Second Timein 12 Months, This Time for$16.1 Million February 20, 2016 Ryan Belmore Fairholme
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The iconic Newport estate known as Fairholme, which sold back inJuly of 2015 for $15 million and was put back on the market for $21million on November of 2015, sold for $16.1 million on Friday;according to The Providence Journal.
The Providence Journal sharesthat the property was soldto “Fairholme LLP”.
The state’s record house price,
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FlippingMansions:Fairholme isBack onMarket for $21Million
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$17.75 million, was set in April2013 for pop singer Taylor Swift’soceanfront mansion in WatchHill.
At 4pm on February 20th wereceiving the following updatefrom Lila Delman Real Estate;
Melanie Delman of Lila DelmanReal Estate Internationalannounced the sale of“Fairholme” and represented theseller and facilitated for thebuyer. The property, which sitson 4.3 acres with ocean frontage,closed for $16.1 million,according to data from the
statewide Multiple Listing Service. The buyer, Fairholme LLC haschosen to remain anonymous. The 1875 Tudor revival is considered a masterpiece and it includes agrand Horace Trumbauer designed ballroom, endless rooms,carriage house, greenhouses, tiled swimming pool and a cabanapavilion 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 theDrexel’s ownership the home had many notable visitors includingThe Duke & Duchess of Windsor, and President John F. Kennedywhose family would often use the pool in the summers. Robert A.Young and his wife Anita O’Keeffe, sister of Georgia O’Keeffeacquired Fairholme in 1955. They had one daughter, Eleanor“Cookie” Young, who became one of the much-publicized “GlamourDebutantes” of the Great Depression -era.
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The 15 bed, 14 bath, 24,393 square foot home located at 237 RugglesAvenue was listed once again for sale on November 3, 2015 for $21million, $6 million more than the purchase price and $4.1 millionmore than the previous asking price of $16.9 million.
Melanie Delman, President of Lila Delman Real Estate Internationalrepresented the seller and facilitating for the buyer in the July saleand most recent listing on November 3rd was also represented byLila Delman Real Estate.
The July sale of Fairholme was the largest residential sale in RhodeIsland since 2013 according to data from the Rhode Island StatewideMultiple Listing Service.
Lila Delman Real Estate did not release who purchased the propertyon July 27th.
July Seller
The July 27th seller, John Noffo Kahn of Palm Beach, and heir to theAnnenberg publishing fortune, was a third-generation owner of“Fairholme,” which was purchased by his late grandmother, JanetAnnenberg Hooker, a sister of the late Ambassador Walter H.Annenberg, in 1992, for $3,350,000. Mr. Noffo Kahn occupied thehouse, with his late father, Gilbert S. Kahn, from 1993 until Kahn’sdeath in 2010. During their many years in Newport, the Kahnsdonated millions of dollars to a number of Newport charities–including the Newport Hospital, the Redwood Library, the NewportArt Museum, and the Preservation Society. In addition to PalmBeach, John Noffo Kahn has homes in New York City and Vermont.
The Annenberg family owned Triangle Publications, whose mediaproperties included TV Guide, the Daily Racing Form, SeventeenMagazine, The Philadelphia Inquirer, as well as several radio andtelevision stations. The privately-held company was sold to RupertMurdoch, in 1988, for $3.5 billion in cash.
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Fairholme is a dazzling historic oceanfront estate, superbly sited on4.3 acres of Newport’s legendary Gilded Age coastline with 425’ ofocean frontage. From the grand Horace Trumbauer designedballroom to ample spaces dedicated to staff and the efficientperformance of their duties, the manor house reflects a bygone eraof luxury and refinement. The 1875 Tudor revival masterpiece lies atthe heart of an impressive compound that also contains apicturesque carriage house, greenhouses, and an exquisitely tiledswimming pool, complete with a luxurious cabana pavilionoverlooking the Atlantic.
The property was remodeled in 1905 by John R. Drexel. Under theDrexel’s ownership the home had many notable visitors includingThe Duke & Duchess of Windsor, and President John F. Kennedywhose family would often use the pool in the summers. Robert A.Young and his wife Anita O’Keeffe, sister of Georgia O’Keeffeacquired Fairholme in 1955. They had one daughter, Eleanor“Cookie” Young, who became one of the much-publicized “GlamourDebutantes” of the Great Depression -era.
Ryan Belmore is the Owner and Editor ofWhatsUpNewp.com. He hosts "The Open Forum" everyweekday from 12:30pm - 2pm on 1540 AM WADK and isa social and digital media consultant. Ryan previously
worked for the New England Patriots and American Cancer Society. E-mail: [email protected] Twitter: @Ryan_Belmore.
![Fairholme Stays the Course[1]](https://static.documents.pub/doc/80x56/577d22ab1a28ab4e1e97f4dc/fairholme-stays-the-course1.jpg)
