Former Rhode Island jewelry manufacturer Edward Marandola Jr. divested another of his financial holdings in August, as he sold his stake in a North Kingstown residential project.
Marandola, who once owned Providence jewelry plating company Victory Finishing Technologies Inc., has been in financial straits for at least two years now. Marandola lost both the plating company and his Newport mansion to foreclosure auctions.
According to property records, Marandola sold off 8041 Post Rd -- the site of the proposed Wickford Harbor Estates -- in a multi-party transaction Aug. 2 that involved JAG Investment Realty LLC and Wickford Harbor Estates LLC. Marandola's Post Road property was listed in January for a mortgage sale
JAG Investment earlier this year purchased the Victory Finishing site on Globe Street in Providence's emerging Knowledge District. JAG is owned by Richard Gudoian, a former Rhode Island auto dealer. Wickford Harbor Estates is owned by Anthony J. Fiore, a Narragansett resident who is a long-established South County building developer.