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"Papa Doug" Manchester, San Diego real estate speculator and former owner of the Union-Tribune, has sold Fairholme, a posh Newport, Rhode Island, ocean-front estate, for $16.1 million, according to the Providence Journal and real estate publications in the area.

Manchester bought the estate in July of last year for $15 million. He told the Journal he had put "several millions" into improvements on the property. If that is true, he took a loss when he sold the mansion and grounds this month. He had put it on the market for $21 million last November, when he announced that his Siberian native bride, Geniya Derzhavina, was pregnant.

It is a 15-bedroom, 14-bath, 24,393-square-foot home on 4.3 acres. The buyer was reportedly Newport businessman George Petrovas.

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Comments

Visduh Feb. 21, 2016 @ 8:05 p.m.

How accurate are those reports? I remember questioning his judgment when he bought the place, and his motives. It is easy to claim that "he had put 'several millions' into improvements on the property." But did he spend that amount, or just a fraction of that on making it look good?

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Don Bauder Feb. 22, 2016 @ 6:45 a.m.

Visduh: Your skepticism is understood. When you make an offer on a house, the owner, seemingly, almost invariably, says, "Well, I have more than that in it."

Mark Twain defined a gold mine as "a hole in the ground with a liar on the top." Best, Don Bauder

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Ponzi Feb. 21, 2016 @ 9:44 p.m.

Rhode Island. Could they see Russia from their house? I thought the papa bought it for Genya so when she got homesick (of mother Russia) she could gaze across the sea to reconnect. Live in the harsh East Coast long frigid winters.

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Don Bauder Feb. 22, 2016 @ 10:42 a.m.

Ponzi: Maybe you can see Russia from the Rhode Island coast, but I doubt you can see Siberia. Best, Don Bauder

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