NEWPORT, R.I. — A Rhode Island estate owned by a prominent CEO and possible Republican gubernatorial candidate has been foreclosed on after it failed to sell at auction.

The Providence Journal reports ( ) the mansion was obtained Wednesday by Coastway Community Bank, which bid $4.2 million at an auction it had arranged.

The bank previously held the $4-million mortgage on the property in Newport.

The mansion was owned by Giovanni Feroce, who sought $6.9 million for the property. Feroce is the CEO of watch company Benrus and former CEO of jewelry company Alex and Ani.

He purchased the more than century-old estate in 2014 for $6.8 million and put it up for sale in 2015.

The sale is expected to cover the mortgage and $75,000 in tax liens.

Information from: The Providence Journal,