PORTSMOUTH – In the biggest land deal ever to take place in the town, an empty lot at 290 Frank Coelho Drive, next to the Sakonnet River, recently sold for $3.25 million, according to Mott & Chace Sotheby’s International Realty, which represented the seller.
The property was last owned by Kevin B. Tarsagian, according to public records kept by the town.
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Town assessors records state that the property is 8.28 acres. Mott & Chace said the property includes 700 feet of water frontage.
Coastal Properties Group LLC represented the buyer in the deal.
According to data from the Rhode Island Statewide Multiple Listing Service, Mott & Chace said the 290 Frank Coelho Drive transaction is the highest land sale ever recorded in Portsmouth. It was also the biggest land sale in Newport County since Jan. 20, the real estate company said.
Public records revealing the identity of the new owner weren’t immediately available from the town.
Mott & Chace said the new owners plan to bring the property back to life by restoring a barn structure and maintaining the land as a farm.
Marc Larocque is a PBN staff writer. Contact him at Larocque@PBN.com. You may also follow him on Twitter @LaRockPBN.
