1902 Newport home on Ocean Avenue sells for $2.2 million, restoration set

NEWPORT – A waterfront Newport home known as “The Playhouse” has sold for $2.2 million.
Gustave White Sotheby’s International Realty said the deal closed July 30 for the combination carriage house and boathouse originally part of the neighboring Wildacre Estate built in 1901.
Sotheby’s said David and Joann Vieau purchased the home with plans to restore it. The couple previously renovated the Beacon Rock Carriage House and Stone Gables Carriage House, both in Newport.
The Playhouse was originally constructed in 1902 for Albert Olmsted, the half-brother of Frederick Law Olmsted, who designed Central Park in New York City. The two-bedroom house on Ocean Avenue features a gable roof with three large dormers overlooking Price’s Neck Cove. The property also contains a detached garage, an in-ground pool and expansive patio. The city of Newport had assessed the property at $3.6 million.
The seller was The Gayle P. Petersen Revocable Trust. Petersen’s late husband, Raymond J. Petersen, bought the property in 1990 as a wedding gift for his wife. He was an executive vice president of Hearst Magazines and a longtime trustee of The Hearst Family Trust. •