It's the most expensive home on the market in Rhode Island right now and it only has two bedrooms.

An iconic property on its own private peninsula of land in Jamestown is being listed for the first time in generations and if you can swing the $18.5 million price tag, you'd own quite the stunning view.

But does the location really justify the asking price?

We all know the real estate market around the country is expensive. Steep home prices and high mortgage rates make owning a home tougher than ever, but for some properties steep doesn't even begin to describe it.

READ MORE: Here's What $33 Million Gets You in Massachusetts

Like this two-bedroom waterfront home on Fort Wetherill Road in Jamestown, Rhode Island.

Though the house itself seems fairly basic on paper with two bedrooms, three bathrooms and 2,500 square feet of living space, it's the location that has raised the price for this residence.

READ MORE: See The Newport Home With Over 20,000 Square Feet and a $15 Million Price Tag

The house sits alone on 3.24 acres of bluff top land that offers 360-degree unobstructed views with the Newport Bridge to the north, Aquidneck Island to the east, and Block Island, Point Judith, and Beavertail to the south and west.

Previously, the home dubbed "Dragonline," was used as a wedding and event venue. The views here are picture-perfect, so the site saw no shortage of bookings.

Since the beginning of 2024, however, the move was made to turn the event site into a "domicile" rental. Applications to the Rhode Island Department of Environmental Management (RIDEM) were submitted to allow for an eight-bedroom septic plan.

The plan was approved, so a larger home can be built on the property, like the 58-room estate that was built here back in 1893.

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Created for the Clothier family of Philadelphia, the former home, "Harbor Entrance," was sadly demolished in 1966.

This new, much smaller, house was constructed at the site in 1990 using salvaged materials throughout and after many updates became a rental venue in 2010.

Now it's for sale once again and the price has seriously dropped. First listed at $30 million, the owners have cut that asking price by about a third and are now asking for $18.5 million.

Astonishing Price For This Iconic Two Bedroom Rhode Island Home

Hard to believe that a two-bedroom home could be priced at $30 million, but that's exactly what is on the market in Rhode Island right now.
Clearly a site that is all about location, is this view worth buying the most expensive house in the Ocean State?
Keep scrolling to see more.

Gallery Credit: Nancy Hall

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