Fairholme, an estate on the Cliff Walk in Newport, was sold Friday for $16.1 million to Fairholme LLP

1. 2/26/2016 Fairholme estate on Newport's Cliff Walk sells for $16.1 million ­ News ­ providencejournal.com ­ Providence, RI
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Estate on Newport's Cliff Walk sells for $15 million
By Christine Dunn
Journal Staff Writer Follow
Posted Feb. 19, 2016 @ 2:33 pm
Fairholme estate on Newport's
Cliff Walk sells for $16.1 million
COMMENT
PROVIDENCE, R.I. — Fairholme, an estate on the Cliff Walk in Newport, was sold
Friday for $16.1 million to Fairholme LLP, a limited liability partnership managed
by George N. Petrovas, of Portsmouth.
Petrovas is the cofounder of CDMI, a Newport company that manages drug
rebates for health insurers.
The Fairholme property, at 237 Ruggles Ave., was sold last July for $15 million,
the state's record price for 2015.
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2. 2/26/2016 Fairholme estate on Newport's Cliff Walk sells for $16.1 million ­ News ­ providencejournal.com ­ Providence, RI
http://www.providencejournal.com/news/20160219/fairholme­estate­on­newports­cliff­walk­sells­for­161­million 2/3
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The mansion, an 1875 Tudor Revival set on 4.3 acres, was sold last summer by
John Noffo Kahn of Palm Beach, Florida, heir to the Annenberg publishing
fortune, to the Manchester Financial Group, LP, a California limited partnership.
It soon went back on the market, listed for $21 million by Melanie Delman of Lila
Delman Real Estate.
The Fairholme mansion has more than 24,000 square feet of space, 15 bedrooms,
13 bathrooms and a ballroom that can accommodate 120 guests. Over the years,
Fairholme has been visited by notables including the Duke and Duchess of
Windsor and President John F. Kennedy.
The state’s record house price, $17.75 million, was set in April 2013 for pop singer
Taylor Swift’s oceanfront mansion in Watch Hill.
—cdunn@providencejournal.com
(401) 277­7913
On Twitter: @ChristineMDunn
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3. 2/26/2016 Fairholme estate on Newport's Cliff Walk sells for $16.1 million ­ News ­ providencejournal.com ­ Providence, RI
http://www.providencejournal.com/news/20160219/fairholme­estate­on­newports­cliff­walk­sells­for­161­million 3/3
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