$3.25 million land sale said to be highest ever in Portsmouth

Consists of over 8 acres of ocean-view farmland, equestrian facilities

Posted 10/6/21

PORTSMOUTH — About 8.3 acres of waterfront property on Frank Coelho Drive has sold for $3.25 million, which is reportedly the highest land sale in Portsmouth ever recorded.

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$3.25 million land sale said to be highest ever in Portsmouth

Consists of over 8 acres of ocean-view farmland, equestrian facilities

Posted

PORTSMOUTH — About 8.3 acres of waterfront property on Frank Coelho Drive has sold for $3.25 million, which is reportedly the highest land sale in Portsmouth ever recorded.

Mott & Chace Sotheby’s International Realty announced the sale this week of 290 Frank Coelho Drive. The picturesque lot offers nearly 700 feet of water frontage. 

According to a warranty deed recorded in the Portsmouth land evidence records on Monday, Oct. 4, the seller was Kevin B. Tarsagian of Portsmouth. 

Tarsagian and Ann Fiore raised alpacas at Glen Ridge Farm on the property, which they purchased in 1997. The land features several buildings dating back to the late 1700s. Fiore did not return a phone call for comment before deadline.

The buyer was listed as Ocean & Acres, LLC, a Rhode Island limited liability company.

The seller was represented by Kylie McCollough, sales associate of Mott & Chace Sotheby’s International Realty. Coastal Properties represented the buyer.

According to data available from Rhode Island Statewide Multiple Listing Service, this is the highest land sale in Portsmouth ever recorded, as well as the highest land sale in Newport County since January 2020.

The property features ocean-view pastoral farmland and equestrian facilities including a stone horse barn with stables and carriage house, private riding trails, two moorings by right, and a secluded beach. 

“It’s been a pleasure to represent this idyllic piece of Portsmouth,” said McCollough. “I look forward to seeing the new owners bring the property back to life by restoring the structures, maintaining the land as a farm, and honoring the rich history of the neighborhood.”

According to one real estate listing, the property was previously approved for a six-lot subdivision. 

‘Heidi Drive’ dispute

Glen Ridge Farm was at the center of controversy several years ago over the “Heidi Drive” dispute.

In 2010 the Planning Board granted Rhode Island Nurseries master plan approval for a 14-lot residential subdivision on its farmland to the north of Glen Ridge Farm. At that time, Glen Ridge was part of an existing residential subdivision which included the Heidi Drive Extension. 

The Planning Board required the paper road be built as a gravel gated road for emergency access to the new subdivision. The owners of Glen Ridge Farm objected and petitioned the Town Council to abandon the paper road under the state’s road abandonment statute, and after a 2011 hearing the council agreed. The council also awarded zero damages to the nursery and the public road became the private property of Glen Ridge Farm.

Rhode Island Nurseries, which said their rights to due process were violated and that the abandonment forced them to spend substantial additional costs, filed suit in Newport Superior Court. The town settled with the nursery for $800,000 in October 2016.

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A lifelong Portsmouth resident, Jim graduated from Portsmouth High School in 1982 and earned a journalism degree from the University of Rhode Island in 1986. He's worked two different stints at East Bay Newspapers, for a total of 18 years with the company so far. When not running all over town bringing you the news from Portsmouth, Jim listens to lots and lots and lots of music, watches obscure silent films from the '20s and usually has three books going at once. He also loves to cook crazy New Orleans dishes for his wife of 25 years, Michelle, and their two sons, Jake and Max.