Former Astor mansion in Newport sold for $10.5M

Thu, 01/07/2010 - 10:01am
The Associated Press

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.


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