BENRUS CEO Giovanni Feroce has listed his 1890 Newport Mansion - Wyndham - for $8 million. He also listed two adjoining parcels for $2.5 million and $1.65 million respectively bringing the total package to over $12 million.
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Feroce, the former CEO of Alex and Ani, said in the Spring of 2015 that he would sell everything he has to fund BENRUS, a military inspired lifestyle brand that at one time was the third largest watch company in the United States.
"It all comes down to the cost of capital" said Feroce. "I believe that BENRUS needs to have my full support and that includes using all resources available to me." He stressed that giving up significant equity is not an option for this definitive entrepeneur at such an early stage. That said, he does admit that it allows for great flexibility going into the new year as discussions with investors heat up.
As GoLocal was first to report, Feoroceoriginally purchased the home for $6.8 million cash in Jan 2014. Since that time he invested in all major renovations the home needed to include replacing every single pipe in the 12,000 plus square foot manse. The timing was right according to Feroce because any closing that takes place after January 6, 2016 would be treated as long term capital gains. "Frankly, I would have done this the day I launched BENRUS, but it wasn't an option at the time giving the work that needed to be done and the timing."
Related Slideshow: Newport’s Wyndham Estate in Photos
Constructed in 1890, Wyndham Estate is a 2 1/2 story ashlar stone Baronial home designed by architect William Ralph Emerson, cousin of Ralph Waldo Emerson.
Wyndham Estate celebrates its 125th anniversary next year. The mansion was designed and built for its original owner, Rose Anne Grosvenor, a philanthropist from Providence.
With a spacious Master Bedroom, large circular Turret and East bedrooms, plus four guest bedrooms; hosting overnight guests is never likely to be problematic in this mansion.
Wyndham Estate lies in the heart of Newport, only one half mile from both the New York Yacht Club and Newport Country Club, and one mile from Fort Adams State Park.
Whether it is a wedding, holiday party, or family function, Wyndham Estate's 1200 square foot Grand Ballroom makes for a perfect space for entertaining guests.
Outfitted with beautiful artwork and a grand piano, the mansion's music room is a great place to hide away and tickle the ivories. In fact, at 475 square feet, you could probably fit most of an orchestra in this room.
Wyndham Estate boasts a large 320 square foot kitchen (with service area) on the first level, making for great dinner parties. There is an additional galley kitchen on the home's top level.
The large, 11.76 acre property is well-manicured with several custom landscaping features including at three-tier waterfall with a private sitting area, and a manmade pond
When William Ralph Emerson designed Wyndham Estate, no detail was spared, evidenced by the intricate wood-carved moldings found throughout the mansion.
Wyndham Estate is comprised of three separate lots of record, with the mansion itself sitting on Lot B (4.05 Acres). Lots A and C are each just under 4 acres apiece.
Newport is known for its landscape of mansions spanning from Ocean Drive to Bellevue Avenue. From Rosecliff to Vanderbilt's The Breakers, and dozens in-between, Newport has a rich history of wealth, and the lifestyle that comes with it.
Want to experience a different view of the Newport Mansions? Try the Newport Cliff Walk. The 3.5 mile long public access pathway pairs the beauty of the Newport coastline with some of the island's historic mansions -- including Beechwood, Rosecliff, Marble House, The Breakers, Ochre Court, and Rough Point
