Cadden Coastal Property Sold to Trust

By Walter F. Roche Jr.

The deed on a valuable coastal home owned by a jailed drug compounding executive and once the subject of a $7.5 million forfeiture order has been transferred to a real estate trust headed by one of the executive's sons.
Property records in Rhode Island show the home at 25 Newport Ave. in North Kingston was transferred from Barry J. Cadden and his wife to the Mele Nominee Trust with Matthew Cadden as the trustee. Matthew Cadden has been identified in court filings as Barry Cadden's son.
The deed transfer was filed on April 25 of this year, according to the North Kingston Assessor's office.
A forfeiture order filed in Barry Cadden's criminal case listed the Rhode Island vacation home as one of the assets federal prosecutors sought to seize. Cadden is serving a nine year federal prison sentence following his conviction on racketeering, conspiracy and mail fraud charges.
In a negotiated settlement of the forfeiture order, federal prosecutors agreed to allow the Caddens to retain the Rhode Island property in exchange for a payment of $369,000.
The home was purchased by the Caddens in 2009 for $785,000. It is currently assessed for $663,100.
Other properties covered in the forfeiture settlement include a home in Wrentham, Mass. which is currently on sale for $1.8 million. Half the proceeds from the sale of that property and two adjacent lots will go to the federal government.
Prosecutors also seized bank and investment accounts and a boat.
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