The First Rule of Holes: When you’re in a hole, stop digging.
is a 14,400 square-foot waterfront mansion in Newport, Rhode Island. David and
Candace Keefe purchased the property in 2000 for $1.35 million. Keefe v. Comm’r, Nos. 18-2357 &
18-2594, 2020 U.S. App. LEXIS 22241, *2, *4 (2d Cir. July 17, 2020). At a price
of $93.75 per square foot, it would be fair to say it was a project.
The house had been uninhabited for decades. The couple
estimated that the rehabilitation would cost $2,000,000. Id. at *4. Progress was slow: Construction started in late 2002 and
was completed in May of 2008.… Read More