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A 3.2-acre waterfront compound in Jamestown, Rhode Island, has been listed for $30 million, making it the state's most expensive residential property. The offering includes three existing structures, two buildable lots, and approved plans for an eight-bedroom septic system, positioning it as a legacy family compound with unparalleled views of Narragansett Bay. The property's key value lies in its unique combination of development potential, flexible existing structures, and a prime location that offers a Nantucket-like experience without the ferry commute.
The property, perched on a bluff, encompasses more than just a single home. The main structure is a unique three-story building constructed in the 1990s as an art studio. Its main level is surrounded by glass, and the second floor features a 360-degree view with a glass floor and a deck. Additionally, the compound includes a one-room cabin with a bathroom and a separate two-story workshop. Two buildable lots are included, offering a new owner the opportunity to expand the compound further. The listing also comes with a dedicated boat slip at the nearby Fort Wetherill Marina, a significant perk for sailing enthusiasts.
The compound's location in Jamestown provides panoramic views that span the Newport Bridge, Aquidneck Island, Block Island, Point Judith, and Beavertail. Based on our experience assessment, its proximity to Newport—close enough to "almost hit a golf ball" to it—is a major draw. Newport is renowned for its world-class restaurants and sailing culture. The property offers a secluded, island-like atmosphere with the convenience of immediate access to mainland amenities, eliminating the need for a ferry. The approved zoning for residential use allows for the creation of a private family compound, enhancing its appeal as a long-term investment.
The flexibility of the current buildings is a significant asset. The main studio, with its 16-foot ceilings and polished concrete floors, could serve as a primary residence, an artist's retreat, or an entertainment space. The one-room cabin is suitable for guests or a private office. Historically used as a wedding venue, the property has the infrastructure to host large gatherings. An approved application with the Rhode Island Department of Environmental Management (RIDEM) for an eight-bedroom septic system indicates the significant capacity for future development or accommodating large families, which is a critical factor for a property of this scale.
In real estate, a legacy investment typically refers to a high-value property purchased with the intention of holding it for generations, often appreciating in value and serving as a family gathering place. This Jamestown compound fits this definition due to its scale, approved development potential, and irreplaceable location. The combination of existing amenities, like the boat slip, with the ability to customize the land over time, makes it more than a typical second home. It is a tangible asset that can be shaped and enjoyed by a family for decades to come.
For a prospective buyer, the compound's value is not just in its current state but in its potential. The key considerations are the flexibility of the existing structures, the rare opportunity to build additional dwellings, and the exceptional location that blends privacy with proximity to Newport's attractions. The approved eight-bedroom septic system is a crucial technical approval that significantly increases the property's development potential and ultimate value.
