Manchester Financial Group, a limited partnership belonging to former Union-Tribune owner Papa Doug Manchester, has purchased an historic home on the ocean in Newport, Rhode Island, for $15 million, according to the Providence Journal.
The estate, named Fairholme, was sold by a third generation member of the publishing Annenberg family. That family published TV Guide, Seventeen Magazine, the Philadelphia Inquirer, and the Daily Racing Form. The racing publication brought controversy to the founding family.
It is not known now whether Manchester bought the home as an investment, or as one of the homes he will occupy at times.