Doug Manchester flips Rhode Island mansion

"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.