Prominent American family's summer estate for sale

ecBy Richard C. Lewis

NEWPORT, Rhode Island (Reuters) - A mansion overlooking the Atlantic Ocean that was the summer home for the Astors, one of the most prominent families in America, is up for sale. And some think it could go to an overseas buyer.

Listed for $16 million, Beechwood is a 19,000-square-foot (1,765-sq-metre) residence set amid a row of opulent homes that staged the elaborate summer social circuit for New York society during the Gilded Age around the dawn of the 20th century.

One of the designers of the 39-room, Italianate-style home was Calvert Vaux, a principal architect of Central Park in New York City.

Real estate experts said the property is a signature symbol of Newport's heyday as the playground of the rich and famous and yet can be had for a fraction of the price of luxury residences in many parts of the world.

"In London, I've seen apartments on the market for 85 million pounds," said Ron Phipps, a broker who sells luxury properties in Rhode Island, the smallest state in the country.

"When you start talking about those numbers, $16 million is a lot but it's not obscene."
Realtors said the property could well be sold to a foreign buyer taking advantage of the weak dollar and recent slide in U.S. stock markets. Melanie Delman, Beechwood's listing agent, said she has had inquiries from overseas parties.

The home was bought in 1881 by William Backhouse Astor Jr., grandson of John Jacob Astor, the German immigrant who made a fortune in the fur trade and in Manhattan real estate.

Astor Jr.'s wife, Caroline Astor, hired an architect to add a waterfront ballroom with 800 glass panes, mirrored walls and French doors that established Beechwood as a highlighted stop of the summer social season.

Other famous family members include William Astor's son, John Jacob Astor IV, who died in the Titanic sinking, and Brooke Astor, a New York philanthropist and socialite who married into the family. She died on August 13 at the age of 105.

Composer Cole Porter is said to have written "Night and Day" during a visit and the mansion appeared in the movie "High Society" starring Fred Astaire and Grace Kelly, according to the listing firm.

"It's part of the old Newport that was the Vanderbilts, the Astors, the Carnegies," said Cecile Cohen, president of the Rhode Island Association of Realtors. "It's going back to when Newport was the place for that group of people."

The mansion now houses a living history museum and is rented out for weddings and corporate functions.

Rueter 2007