It seems that foreclosed and distressed properties so prevalent in our news today are nothing new. A recent, and delightful trip, to Newport, Rhode Island revealed even the multi-millionaires of the gilded age experienced declining values. Huge mansions meant to impress the European royalty were built on the rocky shores of Rhode Island during the early 1900's.
Millions of dollars spent in constructing mansions that took hundreds of craftsmen 2-4 years to complete, went on display to the worlds rich elite. These mansions were the owners summer "cottages" where it was all about the social scene. Most mansions employed 30 - 40 staff members (servants) to handle their busy social calenders and events hosted through out the summer. The who's who of America's mover and shakers maintain summer residence in Newport. The opulence of those years ended rather abruptly with the govenment instituted income tax and the following generation not having the desire of the finances to keep such money pits going. Many mansions fell into disrepair from neglect and abandonment. The Rosecliff Mansion is one such cottage. After the stock market crash and depression, the home changed ownership a number of times and at one time during the 1940's was sold as a distressed home for about $24,000. Just a fraction of the millions it took to build it. (see photo). The home, now lovingly restored and donated to an historic preservation society, is a beautiful piece of architecture displaying some of the days finest craftsmen and available to tour for a modest fee. I will say, Newport Rhode Island seems to have weathered the economic recession pretty well. Exquisite shops, cool harbor side restaurants and pubs bustling with people, marinas packed with yachts, even in mid September. It's a very interesting place to visit and recall a very different time in our countries history.
