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December 1, 2006

Newport mansion Miramar sells for $17M

NEWPORT -- Miramar, the 27-bedroom oceanfront mansion in Newport, has sold for $17.15 million, the most ever paid for a property on Aquidneck Island and certainly among the most expensive in the state.

Property records at City Hall listed the buyer as 646 Bellevue Ave LLC. The agent for the corporation, lawyers from the law firm of Adler Pollock & Sheehan, could not yet be reached today for additional information.

Miramar, built nearly a century ago, includes a mansion, a carriage house and a vacant waterfront lot. The 7.8 acre-estate did not sell when it was put on the market two years ago for $25 million. It is owned by real estate developer Andrew Panteleakis, who is 79 and ill.

The mansion sold last month in a sealed bid auction held by Sheldon Good & Co., a Chicago-based auction company. The property transfer was recorded at Newport City Hall on Wednesday.

-- Journal staff writer Richard Salit

Posted by Steve Peoples  at 3:58 PM | Permalink

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