'Wyndham Estate' Foreclosure Sale Announced

NEWPORT, RI—A foreclosure sale has been announced for the Wyndham Estate, the financially encumbered property at 36 Beacon Hill Road. The sale is set for Sept. 27 at 11 a.m. on the premises.

An auction, continued to Aug. 28, resulted in a high bid of $3,750,000, which both the owner, Benrus CEO Giovanni Feroce, and the lender declined. The property is still on the market, according to Clark French, of Concierge Auctions in New York City.

Clark said the bid was not enough to cover all the debt. Besides a $4 million mortgage, several liens have been attached. But some of the bidders are still interested in acquiring the property and are in talks with Concierge, Clark said.
Clark said the firm is "actively pursuing" a deal, and the property is very much for sale.

Feroce also declined the $1.1 million high bid for an adjoining lot, Clark said. That address is given as 0 Brenton Road.

In a press release, Concierge indicated both properties are still available.

"In cooperation with partner agent Michael Sweeney of Mott & Chace Sotheby's International Realty, over 140 tours and 69 private showings were given in just 35 days of exposure. However, despite high bids well within the market range, the seller and corresponding lenders chose not to accept our high bids. Both properties will remain available for offers through Concierge Auctions," the firm said.

Wyndham Estates was designed by William Ralph Emerson – a cousin of famed American poet Ralph Waldo Emerson. William Emerson is best known for his shingle style houses and inns. Originally listed at $12.9 million, the property is set on more than four acres at 36 Beacon Hill Road. The listing previously appeared on realtor.com.