Future of Seafare Inn to be Decided in Court Friday
Lawyer William Delaney will present the court with a "petition to sell" the mansion, which was once owned by the founder of the Cherry & Webb retail chain.
The future of the building at 3352 East Main Road will be decided in Newport Superior Court this Friday. The structure, a Victorian mansion circa-1887 once owned by Frederick Webb, founder of the clothing store Cherry & Webb, was restored by owner George Karousos in the late 1980s. It housed Karousos' restaurant, the Seafare Inn, for more than 25 years. Apollo Partner has offered $449,000 for the property, which was placed in receivership, a state form of bankruptcy, after banks foreclosed on Karousos' assets last December. Prior to foreclosure, Karousos had been working with Portsmouth Hospitality, LLC, to build a 59-room hotel behind the restaurant. The town had approved zoning for a hotel on the lot last year. William Delaney was …
In this Article:
elen
11:31 pm on Sunday, August 29, 2010
The elusive nature of this 'partnership' makes me think that perhaps one or more of the former owners might be involved in the purchase. Therefore the continued ownership of the building and its future development as a hotel would be run by Karousos once again. Karousos went bankrupt in his Fall River operations/ school but did he also go bankrupt in RI? Also, would it be legal for him to come … more ›