Patrick Kennedy cuts asking price for his RI home to $1.395MOctober 5th, 2012 at 5:00 am by Ted Nesi under Nesi's Notes, On the Main Site
Kennedy has cut the asking price for his three-acre waterfront property on Farmlands Drive in Portsmouth to $1.395 million, a $200,000 reduction from the original asking price in January, according to its listing with Prudential Prime Properties.
The former congressman built the 10-room, three-story home overlooking the Sakonnet River in 2001. It’s described as the Kennedy Orchard House and features three bedrooms, three bathrooms, two fireplaces and 3,144 square feet of living space. The estimated annual tax bill for the property is $17,975.
Kennedy, who now spends most of his time in New Jersey with his wife and new baby, has said he plans to buy a home in Providence to maintain his ties with Rhode Island. He retired from Congress in 2010 but returned recently to campaign for his successor David Cicilline.
Kennedy wouldn’t be the first Rhode Island politician to be disappointed by the local property market in the wake of the housing bust. Gov. Lincoln Chafee was forced to cut the price of his Providence home repeatedly before it finally sold for $675,000 last September.
• Related: Patrick Kennedy inherits millions from his late father Ted (Aug. 25, 2010)