Former Astor mansion in Newport sold for $10.5M
A mansion that was once the Newport summer home to the Astor family and in recent years has served as a museum has been sold to a group with ties to software mogul and sailing enthusiast Larry Ellison.
Former Astors' Beechwood Mansion owner Robert Milligan tells The Associated Press on Thursday that the $10.5 million sale closed Wednesday. Milligan says he signed a confidentiality agreement that bars him from saying much about the deal, but says it was sold to a group called Eastern Estates.
The manager of Eastern Estates is Philip B. Simon, who is also president of a private equity investment firm controlled by Oracle Corp. founder Larry Ellison. Forbes magazine says Ellison is the world's fourth-richest person.
Simon did not immediately return a call seeking comment.