Merrillton mansion sells for $8.7M

International businessman and developer Peter de Savary has sold Merrillton, his seven bedroom gilded-age mansion, for $8.675 million, Stacie Mills, Principal Broker of Vanderbilt International Properties Ltd. said Thursday. More

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real estate

Merrillton mansion sells for $8.7M

COURTESY VANDERBILT INTERNATIONAL PROPERTIES LTD.
Peter de Savary has sold his Gilded Age mansion at 25 Bowery St. in Newport RI for $8.7 million, his broker said Thursday.
Posted 5/1/14

NEWPORT – International businessman and developer Peter de Savary has sold Merrillton, his seven-bedroom Gilded Age mansion, for $8.675 million, Stacie Mills, principal broker of Vanderbilt International Properties Ltd., said Thursday.

The buyer’s identity was not disclosed.

The British-born de Savary, developer of the Portsmouth Abbey Club, made a fortune in industries including oil, shipping, exporting and real estate investment.

He purchased Merrillton, located on Bowery Street just off of Bellevue Avenue in September 2012 for $2.4 million, according to the Newport assessor’s database.

“Having lived in Newport over the past 35 years, I have had the great pleasure of restoring and improving a number of properties in the Newport area, including homes of a special historic nature,” de Savary said in a news release announcing the sale. “I look forward to my next restoration challenge.”

Built in 1849, Merrilton was designed by Samuel Powel in the Italianate style on 2.3 acres and features five and a half bathrooms.

After buying the 7,600-square-foot, three-story brick villa in 2012, de Savary made substantial renovations, the news release said.

Mills represented de Savary in the transaction. The buyers agent was not disclosed.

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