NEWPORT — The Ruger family is auctioning off its multimillion dollar Newport estate and is putting its ocean-side mansion in Maine on auctioning block.

“The family of William Ruger Jr. made the decision that they wanted to get both of these properties sold this year,” said Andrew Peterson of the Peterborough-based real estate company Peterson’s Inc. “None of the serveral heirs want the properties.”

The Newport property is scheduled for a Sept. 7 auction. Peterson said the Newport estate was initially listed in January at $3.75 million with 500 acres of land. It has since been relisted at $2.5 million with 110 acres.

The Newport property, built in the 1880s by millionaire Austin Corbin, was home to William Ruger Jr., son of Sturm Ruger & Co. founder William Ruger Sr.

William Ruger Jr., who would eventually run the family firearm design and manufacturing business, died last year at 79.

Sturm Ruger is one of the largest employers in the state of New Hampshire, with a manufacturing plant in Newport.

William Ruger Jr. extensively renovated the Newport estate, which is described as a four-bedroom home with four full bathrooms and two half baths in the main house, at 7,400 square feet, and another four bedrooms and four bathrooms in the caretakers quarters at 1,700 square feet.

The property also includes a barn, a heated workshop, a television and radio workshop, and a gentleman’s library, according to the listing. Peterson said his company is putting on the auction with partner, Platinum Luxury Auctions.

“The high bidder on day of sale will own the property,” he said.

The bidder will also be able to negotiate for the nearly 400 acres of land dropped from the listing if they want to purchase that as well, he said.

The Ruger family recently scheduled the 12,500-square-foot ocean-side mansion in Bar Harbor, Maine, for its own auction, according to the Bangor Daily News. The property located on “Millionaire’s Row,” had been listed for two years at more than $12 million. Peterson said it is one of the most expensive properties listed for sale in Maine.

That auction, also being hosted by Platinum Luxury Auctions, is set for Sept. 7 as well.

Peterson is still showing the Newport property to interested buyers, and Platinum Luxury Auctions staff are also on site to give tours of the estate. More information about the property can be found at petersonsrealestate.com.