History
One of the many "cottages" built during the Gilded Age on beachfront property in the Newport area, it is located on a parcel of 4.3 acres near the eastern end of Ruggles Avenue with an ocean frontage of 425 feet. Fairholme was completely remodeled in 1896 by Peabody and Stearns, Peabody & Stearns for John R. Drexel. After passing through the hands of Count Alfonso P. Villa, who acquired it from Mrs. Drexel in 1930, during the period when the rich were impacted by high tax rates, the house was sold to Robert R. Young for $38,000 in 1942. It was owned by Palm Beach resident John Noffo Kahn, an heir to the Annenberg publishing fortune. The Gilded Age estate was on the market for $16,900,000. It is located on Ochre Point, south of The Breakers on the south side of Ruggles Avenue between the neighboring mansions of Midcliffe and Angelsea. The stables on Ruggles Avenue, historically used as the gardener's cottage, was acquired by Salve Regina University in 1991 and converted to a residence hall, Jean and David W. Wallace Hall. It was bought by American businessperson Doug Manchester in the summer of 2015, and subsequently sold a year later, in 2016 for $16.1MM.References
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