NEWPORT – Benrus LLC CEO Giovanni Feroce has declined a $3.75 million auction price for his property, the Wyndham Estate in Newport, Feroce confirmed Tuesday.
Feroce bought the property in 2014 for $6.9 million while he was the CEO of Alex and Ani LLC.
The estate was designed by William Ralph Emerson, cousin of American poet Ralph Waldo Emerson, who fitted the 15,865-square-foot mansion with eight bedrooms, seven full bathrooms and two half-bathrooms, a library and a ballroom. The house also includes a home theater, chef’s kitchen and custom millwork and ceiling frescoes, as well as gated entry and a man-made pond.
The original asking price for the property was $12.9 million, but the listing has since been adjusted to $6.8 million on the Mott and Chace Sotheby’s International Realty website prior to the auction.
The auction, which had been held without a minimum reserve, was conducted by Concierge Auctions LLC online Friday. After the allotted time ran down for the scheduled auction, its closing was delayed until Monday evening. Nine bids were entered for the property over the course of the two business days culminating in the rejected $3.75 million.
In an email with PBN, Feroce confirmed he had denied the offer but said he’s ready for a negotiation.
“From both personal discussions in the last 24 hours and historically, I think this might be more of a situation where the negotiations are actually just beginning,” he said. “There is a number that makes things work and those that have financially qualified and are serious in wanting to purchase the property can continue discussions with my realtors and myself.”
Mott and Chace Sotheby’s International Realty represents Feroce in the sale of the property.
Chris Bergenheim is the PBN web editor.
