NEWPORT, RI – 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 second highest sale in Newport County and third in the state this year to date. Michelle Drum and Kim Fleming of Gustave White Sotheby’s International Realty represented the seller and Teri Degnan of Teri Degnan Real Estate represented the buyer.
"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 amenities include geothermal heating and cooling systems, a cove-side salt water pool and spa and a 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 within 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.”
About Gustave White Sotheby’s International Realty
Gustave White Sotheby’s International Realty is a full-service agency specializing in waterfront and luxury real estate and serving all of Rhode Island, including Block Island, as well as southeast Connecticut and coastal Massachusetts. Gustave White has been in business for over 80 years as a leader in the luxury market and became Sotheby’s first affiliate in 1976. Gustave White is also the Rhode Island Regent member of Who’s Who in Luxury Real Estate. Paul A. Leys, Co-owner of Gustave White Sotheby’s Int’l Realty, may be reached at 401-848-6706 or at email@example.com for more information.
About Sotheby’s International Realty Affiliates LLC
Founded in 1976 to provide independent brokerages with a powerful marketing and referral program for luxury listings, the Sotheby’s International Realty network was designed to connect the finest independent real estate companies to the most prestigious clientele in the world. In February 2004, Realogy Corporation, a global provider of real estate and relocation services, entered into a long-term strategic alliance with Sotheby’s, the operator of the auction house. The agreement provided for the licensing of the Sotheby’s International Realty name and the development of a full franchise system by Realogy’s subsidiary, Sotheby’s International Realty Affiliates LLC. Sotheby’s International Realty Affiliates LLC supports its affiliates with a host of operational, marketing, recruiting, educational, and business development resources. Franchise affiliates also benefit from an association with the venerable Sotheby’s auction house, established in 1744.