fairholme estate on newport's cliff walk sells for $16.1 million news - providencejournal
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2/26/2016 Fairholme estate on Newport's Cliff Walk sells for $16.1 million News providencejournal.com Providence, RI
http://www.providencejournal.com/news/20160219/fairholmeestateonnewportscliffwalksellsfor161million 1/3
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By Christine Dunn Journal Staff Writer Follow
Posted Feb. 19, 2016 @ 2:33 pm
Fairholme estate on Newport'sCliff Walk sells for $16.1 million
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PROVIDENCE, R.I. — Fairholme, an estate on the Cliff Walk in Newport, was soldFriday for $16.1 million to Fairholme LLP, a limited liability partnership managedby George N. Petrovas, of Portsmouth.
Petrovas is the cofounder of CDMI, a Newport company that manages drugrebates for health insurers.
The Fairholme property, at 237 Ruggles Ave., was sold last July for $15 million,the state's record price for 2015.
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2/26/2016 Fairholme estate on Newport's Cliff Walk sells for $16.1 million News providencejournal.com Providence, RI
http://www.providencejournal.com/news/20160219/fairholmeestateonnewportscliffwalksellsfor161million 2/3
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The mansion, an 1875 Tudor Revival set on 4.3 acres, was sold last summer byJohn Noffo Kahn of Palm Beach, Florida, heir to the Annenberg publishingfortune, to the Manchester Financial Group, LP, a California limited partnership.
It soon went back on the market, listed for $21 million by Melanie Delman of LilaDelman Real Estate.
The Fairholme mansion has more than 24,000 square feet of space, 15 bedrooms,13 bathrooms and a ballroom that can accommodate 120 guests. Over the years,Fairholme has been visited by notables including the Duke and Duchess ofWindsor and President John F. Kennedy.
The state’s record house price, $17.75 million, was set in April 2013 for pop singerTaylor Swift’s oceanfront mansion in Watch Hill.
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2/26/2016 Fairholme estate on Newport's Cliff Walk sells for $16.1 million News providencejournal.com Providence, RI
http://www.providencejournal.com/news/20160219/fairholmeestateonnewportscliffwalksellsfor161million 3/3
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