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Saturday, October 30, 2010

$20 Million Beachside Ave. Sale is Second Largest

Three adjoining parcels on almost seven acres on Westport’s Beachside Avenue overlooking Long Island Sound in the Greens Farms area have sold for $20 million in Westport’s second largest residential real estate transaction. The estate had been listed for $37.9 million three years Image
The three-parcel waterfront estate (128 Beachside Ave, in photo) was listed at $37.9 million in 2007. (CLICK TO ENLARGE) Nicholas Fingelly Real Estate photo

Town Clerk Patricia Strauss said the sale of 124, 126, and 128 Beachside Ave. with 600 feet of water frontage was recorded Friday and reaped $50,000 in conveyance tax revenues for the town and $188,000 for the state. No mortgage was listed.

The properties, which most recently had been listed at $25 million—down from a more recent $27.9 million listing—include a 10-bed, 11-bath, 10,500-square foot, 1955-built home on 2.17 acres at 128 Beachside Ave. that sold for $12.5 million.

Next to it is 126 Beachside with a two-bedroom, four-bath, 1981-built two-story home on 2.42 acres which sold for $5.4 million. The third parcel, two acres between 126 and 128 containing a driveway and small guest house, at 124 Beachside Ave. sold for $2.1 million.

The buyer was listed as Andrew Bentley and Fiona Garland of London. The seller was Peter Godfrey, a co-founder in 1987 of computer direct retailer Micro Warehouse.

Listing agent was Cathy Mulrenan of Nicholas Fingelly Real Estate in Southport. A website provided a photo tour with additional photos here.

The transaction was only second in size to the $25 million sale in 2006 by longtime Westport celebrity residents Phil Donahue and Marlo Thomas of their 17-room home with three parcels at 112, 114, and 116 Beachside Ave. (See WestportNow May 1, 2006) Image
The house at 126 Beachside Ave. was part of the sale. (CLICK TO ENLARGE) Nicholas Fingelly Real Estate photo

The purchaser was Herbert M. Allison Jr., then chairman, president and CEO of TIAA-CREF, one of the nation’s largest financial services firms.

Allison then became president and CEO of Fannie Mae before being drafted by President Obama last year to oversee the Troubled Asset Relief Program (TARP).  He left that post last month when the program was shut down.

The stretch of mansion-lined Beachside Avenue also is home to radio personality Don Imus and film producer Harvey Weinstein.

In the real estate magazine Haute Living in 2007, the three-parcel property sold Friday was listed at $37.9 million and described this way:

“The Moorings in Green Farms, an exclusive area of Westport, offers 600 feet of sweeping water frontage on its 6.65 acres. With unrivaled views of the Long Island Sound and the Southport and Fairfield coastlines, you won’t lack tranquility here.

“And with a mix of sophisticated flair and the charm of a New England village, Green Farms is a perfect location for this 10,500-square-foot home.”


Posted 10/30/10 at 09:30 AM  Permalink


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