slides: Feroce is Selling Newport Mansion and Land for $12 million and Investing in BENRUS

Tuesday, November 17, 2015

 

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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.

TAKE A TOUR OF THE PROPERTY BELOW


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

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Wyndham Estate

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.

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History

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.

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Room to Grow

The home boasts 12,175 square feet of living space, with 7 bedrooms, 7 bathrooms, and 9 fireplaces, on nearly 12 acres of property.

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Bedrooms

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.

* Master Bedroom - 22'8" by 14'

* Turret Bedroom - 17'10" circular

* East Bedroom - 17'2" by 17'5"

* Guest Bedroom - 12'4" by 11'6"

* Guest Bedroom - 18'6" by 14'10"

* Guest Bedroom - 11'3" by 11'3"

* Guest Bedroom - 12'5" by 8'2"

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Location, Location...

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.

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Grand Ballroom

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. 

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Music Room

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.

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On Top of the World

(Or top of the island, at least)

Wyndham Estate sits atop the highest point of Newport - and has the views to prove it. 

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Kitchen

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. 

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Landscape

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

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Bathrooms

With 2 1/2 bathrooms on the first floor, and 4 on the second level, finding a place to quickly powder your nose will rarely be an issue. 

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Library

If you are looking for a quiet place to read or study, the mansion features a home library...try not to become distracted by the view.

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Roof Deck

Perfect for summertime entertainment, the mansion features a 47' by 27' open air observation deck with stunning views.

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Hot Tub

What better way to relax after a long day than climbing up to the 18' circular roof top hot tub?

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Attention to Detail

When William Ralph Emerson designed Wyndham Estate, no detail was spared, evidenced by the intricate wood-carved moldings found throughout the mansion.

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Renovation

Wyndham Estate underwent major renovation and restoration a few years ago, but much of the much of the home's original essence remains intact.

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Walk-in Closet

More like live-in closet!

At 12'10" by11'10", the closet attached to the Master Bedroom is bigger than many bedrooms... no need to trim down your wardrobe here!

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Grand Staircase

The mansion's Grand Staircase allows one to enter the room with style.  There is also a separate servant's staircase to access the second floor. 

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Dining Room

Just off the Grand Ballroom sits the home's formal dining room, perfect for intimate dinners. 

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The Grounds

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. 

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Fireplaces

There is little better on a cold New England winter night than cozying up to a warm fire. Wyndham Estate, has 9 different fireplaces to choose from.

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Newport Mansions

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. 

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Cliff Walk

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 

 
 

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