slides: Feroce is Selling Newport Mansion and Land for $12 million and Investing in BENRUS
Tuesday, November 17, 2015
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
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"
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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