Update: Actor Nicolas Cage selling Middletown estate
2:05 PM Wed, Oct 22, 2008 | Permalink
Email
 |
 |
Projo 7 to 7 News BlogTaking the news pulse of Rhode Island and Southeastern Massachusetts, by Providence Journal and projo.com staff, from 7 to 7, every business day |
|
« Theft of officer's gun, uniform still under investigation |
Main
| Holocaust survivor, 85, talks to W. Warwick students »
MIDDLETOWN -- The real estate firm listing Academy Award-winning actor Nicolas Cage's sprawling Gray Craig estate in Middletown, which he bought a little more than a year ago for $15.7 million, says there has been interest in the property. Lila Delman Real Estate has listed the mansion at $15.9 million and describes it this way on its Web site: "Nestled in the privacy of Paradise Valley, an inspiration for generations of American artists including William Trost Richards and a sanctuary of wild life and natural beauty, Gray Craig is an estate of unparalleled refinement." Melanie Delman, president and owner of the firm and broker, said Cage's work has prevented him from spending the time he wanted to in Newport. "He loves the area," she said. "Initially, he spent quite a bit of time [at the property], but business engagements have kept him away." Delman declined to say how many potential buyers have looked at the Gray Craig estate, which has been on the market since the end of September. The 24,664-square foot, brick-and-stone country manor has 12 bedrooms and 10 full bathrooms. Lila Delman reports that the mansion at 75 Gray Craig Road has recently been restored "to the highest standards," including a state-of-the-art heating and air conditioning system, a new gym and "wiring for today's technology." Cage's purchase of the property last year ranked the home among Rhode Island's most expensive residential purchases. Newport's Miramar mansion on Bellevue Avenue sold for $17.15 million in December 2006. Delman sales associate Robin Nicholson said the firm is still showing high-end properties despite the current economic downturn. They get "a lot of interest from New York," she said. "It's interesting to note that the people that we are showing the highest-end properties to are from the financial world," Nicholson said. "They're a very good bellwether, showing us what a good time it is to buy." Delman said those smart buyers know the market won't be down forever and smart buyers are "bucking the trend" and buying now. "Timing the bottom [of the market] is what they do," Delman said. By the time experts start predicting that it's a great time to buy again, Delman said, "it's too late." "Prices start moving up and you're not going to be able to negotiate anymore," she said. "[The market] doesn't stay bad forever, and it doesn't stay good forever. We all know that." When Cage bought the Rhode Island estate, he reportedly owned homes in five countries, including an island in the Bahamas, a mansion in Germany and multiple homes in the United States. "He has an eye, obviously, for beautiful real estate all over the world, and it's a compliment to Rhode Island that he bought something here -- knowing that he's a fine connoisseur of property," Delman said. "This property stands alone and competes well with any property around the world." The Gray Craig estate was built between 1924 and 1926. Mary and Michael van Beuren engaged New York architect Harrie T. Lindeburg to design them a home in Portsmouth, according to the real estate listing of the property. Seeking a more dramatic setting, Lindeburg encouraged the van Beurens to purchase the Gray Craig property instead. The grand English country estate he then constructed for them remained in the van Beuren family for 60 years. The property also includes a pool, a tennis court, a fish pond with fountain, a stone terrace with outdoor fireplace, heated garages, an enclosed courtyard and terraced lawns. The highest selling price for a house this year in Rhode Island is $7.75 million for the historic Seaweed estate on Newport's Bellevue Ave., which sold earlier this month. 
|
New comments
New photos
Authors
New posts
Projo blogs
Archives
Leave a comment