The four-bedroom, five-and-a-half bathroom home at 458 Poppasquash Road sold for $5,250,000.
The sale is the second-most expensive in Rhode Island this year, and the most expensive sale ever recorded in Bristol, according to the Multiple Listing Service. This sale is second to a $6.8 million home sold in Newport in January by Newport’s Gustave White Sotheby’s International Realty, which represented the sellers in this transaction.
The home was sold by Houston couple David and Cindy Megnas, to Thomas Roberts and Susan DaSilva, as trustees for the DaSilva Roberts Family Trust. The Megnas had bought the property in 2007 for $2 million.
The gated home is situated on 2.78 acres and features two fireplaces, a three-car garage, sweeping waterfront views over three levels, a library, great room, recreation room, media room, an elevator, and a wet bar — all within 7,500 square feet of living space.“This sale, which happened within two months of being put on the market, demonstrates the continuing upward trend in the value of Rhode Island’s waterfront properties,” said Paul A. Leys, co-owner of Gustave White Sotheby’s International Realty.
Typically, high-end homes are on the market for years, Mr. Leys said.
“I had a house on the market in Jamestown that sold for $7 million, which was on the market for two years,” Mr. Leys said. “Sometimes it takes awhile to find the right buyer.”
Poppasquash Road has had several sales above $3 million, with the second highest sale, the Point Pleasant Inn at 333 Poppasquash Road, selling for $3.5 million in 2000.Mr. Leys would not comment about the buyers, except that the house would mostly likely serve as a second home.
“I think Bristol is becoming a very desirable destination for some of these high-net worth individuals,” he said. “It’s an up-and-coming town, attracting lots of these types of buyers. We don’t see a lot of activity out there mostly because of the lack of inventory.”
The buyers were represented by Patricia M. Mascali of Mansions & Manors in Jamestown.