Nick Riccio — the “M Street Millionaire” — and his wife, former White House press secretary Karoline Leavitt, are putting several of their Hampton Beach properties up for auction, hoping the move will attract a partner for a sweeping redevelopment vision.
Riccio has already drafted conceptual plans for condos, hotel rooms, restaurants and a 53,000‑square‑foot ballroom. If he can find the right investor, he hopes he can bring that vision to life by developing 4, 6, 12, 14, and 16 M St., along with 143 and 147 Ashworth Ave. The properties include the Nautical Motel.
Riccio hopes the Nov. 19 auction, set for 1:45 p.m., will draw the partner he needs to advance the project. He said he’s also prepared to entertain individual offers on the properties, depending on how the bidding unfolds.
“He is open to an outright sale of the property that is listed, or potential development partner to develop that side of the street,” a spokesperson for Riccio said.
According to Riccio, the auction carries no minimum bid. The terms require a 10% deposit within 24 hours and a closing within 45 days.
The properties, which include several cottages and a mixed-use space at 143 Ashworth Ave., have been accrued by Riccio since he started his real estate portfolio in the 1990s. He said with projects like the recently approved redevelopment of the Hampton Beach Casino complex already in the works, he hopes his properties can be used to further grow the beach as a resort destination.
“Hampton Beach has been a great place to live and visit for generations. A number of things have taken place to enhance it,” Riccio said. “My property can hopefully play a role in that.”
A Hampton Beach portfolio built over decades
Riccio’s parcels run contiguously along the north side of M Street and wrap around the corner, continuing north on Ashworth Avenue. They represent only part of his local holdings; he also owns 11 additional lots on M Street, as well as Buc’s Lagoon at 59 Ashworth Ave., one block away at the corner of N Street.
The Nautical Motel is on the corner of M Street and Ashworth Avenue across from Wally’s Pub. The mixed-use space is just north up Ashworth Avenue, currently the location of a pizzeria. Four of the five parcels on M Street up for auction have a front house and a separate rear cottage.
“All of them are a very short walk to the sand,” the auction listing by Tranzon states. “This many properties this close to the beach rarely come to market at the same time.”
The listing describes Hampton as “booming with growth.” It cites the recent town approval of a major development of the Hampton Beach Casino complex, with its 3,500-person music venue, a 208-room hotel, 99 condominiums and a charitable gaming casino.
“Be part of the action by buying one or all of these properties,” the listing states.
Riccio weighs building or selling at Hampton Beach
Riccio has been buying and developing properties at Hampton Beach since 1993. That year, he was driving with his mother through Hampton when they happened upon M Street, where buildings had either been condemned or were near to that status, he told the Hampton Union in 2005.
Riccio had taken some real estate courses and had been reading motivational business books, reporter Mike Sullivan wrote at the time, and he became determined to buy up the block’s properties. Within 12 years, he had owned 15 of the buildings, totaling 70 living units, investing in them significantly.
Only conceptual drawings have been created for a future project, pending the funding and town approval. Riccio said the plans include a six-story building with a second-floor ballroom, an adjacent restaurant and fifth-floor oceanfront condos. He said it would also incorporate workforce housing for beach business employees, like the J-1 visa student workers from other countries.
“We have the plans to do a nice project,” Riccio said.
In a 2005 Hampton Union interview, Riccio — then 40 — said he hoped to one day own a sports team and was an avid collector of memorabilia, including Muhammad Ali’s gloves. Today, his life looks different: he is married to Leavitt, and the couple is raising two children and building a life together.
The couple say they look forward to being part of the growth at Hampton Beach. They are ready to sell the properties, as well as partner with someone who will help them realize Riccio’s vision.
“We have chosen to raise our kids on the Seacoast, and we love it,” Leavitt said. “We are excited about hopefully being a part of the redevelopment of Hampton Beach for many years to come.”
Business owners hopeful for M Street development
Beach business owners said more development to benefit tourism is welcome if Riccio finds an investor to bring his grand vision to life.
“It’s all good things,” McGuirk’s Ocean View owner Tom McGuirk said.
McGuirk has been involved in other developed properties through his own investment as well as by brokering sales of properties for condo developers. He said it is common for property owners to hold auctions to gauge interest, as there is no obligation for them to accept an offer.
He said in order to keep up demand for tourism in Hampton, the quality of the amenities needs to keep up.
“If it was done correctly, which I’m sure that it will be, I’m sure it will attract tourists to come out to Hampton Beach, or give us more inventory for tourism,” McGuirk said.
McGuirk said a new ballroom proposal will come with questions that need to be answered, including capacity and the ability to fill the ballroom for more than just a summer. If pulled off, he said it could mean more events like weddings on the beach that are not so common these days.
“It’s not anything I would have thought of, but quite honestly, we need a diverse product out there,” McGuirk said.
This article originally appeared on Portsmouth Herald. Reporting by Max Sullivan, Portsmouth Herald.
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