NEWPORT, RI (October 31, 2018) – Gustave White Sotheby’s International Realty is pleased to announce the sale of the historic ‘Playhouse’ located on Newport’s famed Ocean Drive. The beloved property sold for $6.99 million, which, according to the Rhode Island Multiple Listing Service, makes it the 2nd highest sale in Newport County and 3rd in the state this year to date. Michelle Drum and Kim Fleming of Gustave White Sotheby’s International Realty represented the sellers and Teri Degnan of Teri Degnan Real Estate represented the buyers.
“The Playhouse” is an iconic Newport landmark that was completely rebuilt by the current owners to the highest specifications, materials, and craftsmanship. Set on one of Ocean Drive’s most serene spots bordering Prices Neck Cove, it was originally built as a carriage house/boathouse to the adjacent estate designed by Irving Gill for Albert H. Olmsted, brother of the famed landscape architect. Today, the property is stylishly designed for comfort with an added garage/two-bedroom guest house. State-of-the-art including geothermal heating and cooling systems, a cove-side salt water pool and spa, and gorgeous gourmet kitchen.
Paul A. Leys, co-owner of Gustave White Sotheby’s International Realty, stated, “The sale of this unique Ocean Drive estate is the seventh sale in Newport County over $6 million in the past two years in which our agency has been involved. This beautiful corner of New England remains an attractive investment for high-net worth buyers.”