NEWPORT – The real estate market in the City by the Sea continues to soar, with another prominent estate sold on Wednesday.
Gustave White Sotheby’s International Realty announced that Beacon Rock, an 11,675-square-foot, 10.5-bathroom, six-bedroom oceanfront estate located at 147 Harrison Ave., was sold for $23 million. That sale is the third highest in the state this year.
The sale closed Wednesday, with Beacon Rock LLC acquiring the property from Brian R. Cunha, according to city property records. Beacon Rock LLC’s primary address, according to state business records, shares the same location as Newport-based law firm Miller Scott Holbrook & Jackson.
According to Gustave White, the property was built in 1888 with marble colonnades. The landscaped grounds were originally designed by Frederick Law Olmsted, who designed Central Park and the emerald-necklace park system in Boston. Edwin D. Morgan, the cousin of American financer J.P. Morgan, summered at Beacon Rock for 30 years, Gustave White said.
Beacon Rock was assessed this year at $9.6 million, according to city records.
The sale of Beacon Rock is the fourth such sale in Newport in excess of $15 million since September, and came less than a week after Ocean View on Bellevue Avenue sold for $16 million.
In early September, just down the street from Ocean View, Clarendon Court was sold for $30 million, currently a state record for highest home sale. Later that month, the Miramar mansion, also on Bellevue Avenue, was sold for $27 million.
James Bessette is the PBN special projects editor, and also covers the nonprofit and education sectors. You may reach him at Bessette@PBN.com. You may also follow him on Twitter at @James_Bessette.
