REAL ESTATE

Newport estate sells for $8.5M

COURTESY LILA DELMAN REAL ESTATE
A 4.36-ACRE WATERFRONT Newport estate has sold for $8.5 million.
Posted 8/7/12

NEWPORT – A 4.36-acre waterfront Newport estate with view of Jamestown and Narragansett Bay has sold for $8.5 million, Lila Delman Real Estate announced Monday.

The 5,000-square-foot, five-bedroom contemporary house, at 31 Ridge Road, is served by a private drive and located on the shoreline between Fort Adams State Park and Castle Hill Cove.

Built in 1975, the house has four full bathrooms, a waterfront pool and in-law apartment.

The property sold for $550,000 more than the original asking price and was on the market for only six days before going under contract.

“Newport is experiencing an increase in demand for the type of spectacular waterfront property Ridge Road exemplifies.” said Melanie Delman, president of Lila Delman Real Estate, which represented both the buyer and seller in the transaction.

Last month the Clarendon Court mansion on Bellevue Avenue in Newport sold for $13.1 million, the highest sale in Rhode Island this year.

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