Iconic 1880s Rhode Island waterfront social club is being offered for the first time in 50 years; after a $1.2 million price cut, the historic five-bedroom property now asks $9.75 million

The Reading Room, one of Narragansett's most iconic properties, has hit the market for the first time in over 50 years. The five-bedroom house is for sale for $9.75 million after a price cut. It was first listed in June at $10.95 million, Realtor.com reported. Built in 1880 as a social club, the property stands beside The Towers and is the last surviving remnant of the grand Narragansett Pier Casino.Back in the day, it was a men's club with a bed and breakfastThe house began in the late 1800s as a liquor-free men's club. “It was originally a social club in the 1880s and was a reading room where men would gather to smoke cigars,” listing agent John Hodnett of Hopewell Real Estate told the outlet. Historian Winifred J.W. Kissouth described it as a liquor-free men's bed-and-breakfast club where members went to read and smoke, according to The Boston Globe. Some of its famous visitors included Jerome Bonaparte, a relative of Napoleon Bonaparte, and New York surgeon Dr Charles Hitchcock.A historic club with a waterfront viewThe building did not stay where it was originally built. The Reading Room was moved from Mathewson Street to its present location on Ocean Road in the late 1890s, according to documentation from the National Register of Historic Places. The move made it part of the Narragansett Pier Casino. At the time, ‘casino’ often referred to social clubs rather than gambling halls, which surprises many visitors today.“It was relocated to its current location to be a part of the casino. Now, it’s ideally located minutes away from the town beach, cafes and restaurants,” Hodnett added.The neighbouring building is The Towers, the only surviving remnant of the casino after a series of fires, nor'easters and hurricanes. From the house, you can see both the bay and the landmark, and the view is a big reason people remember the property.In 2010, the house underwent a major restoration that brought back its Victorian character. The project received historic-preservation recognition from Preserve Rhode Island and the Rhody Awards. Many of its original features survived, including the hardwood floors, bay windows, grand staircase, stained glass, high ceilings, period chandeliers and three fireplaces.“This property enjoys sweeping water-view porches, water views from almost every room, intricate details, multiple year-round sun porches, historic chandeliers and a unique Tower Room,” the listing on Sotheby's Realty says. It describes the home as a “once-in-a-generation opportunity” to live in the heart of Narragansett.The house sits on 0.69 acres and spans 5,099 square feet, with five bedrooms, two full bathrooms and two half-bathrooms. Most historic homes on Narragansett Pier sit on smaller parcels, so this one offers something rare. Hodnett describes the setting as a village address with the feel of a private sanctuary. The property also includes a detached three-car garage, a covered front porch and multiple sunrooms, so the outdoor space is not limited to the lawn.The home could serve as the buyer's primary residence. According to the agent, much of the hard work has already been done. The restoration is complete, and a new owner can focus on shaping the interior to suit their lifestyle rather than repairing the structure.In June, the property was listed for $10.95 million. After sitting on the market for months, the price has fallen to $9.75 million. It is unclear why the price was reduced.Ready to Make a Smarter Property Decision? Build Your Legacy with TOI Homes.