Nicholas Riccio: What Most People Get Wrong About the Hampton Beach Developer

You’ve probably seen the name Nicholas Riccio popping up lately, usually tagged alongside his wife, White House Press Secretary Karoline Leavitt. Most people just see the 32-year age gap or the high-profile political connection and stop there. Honestly? That’s the least interesting thing about him.

Nicholas Riccio isn't some corporate suit who fell into a trust fund. He’s a guy who was literally sleeping in his car while trying to finish a degree at Plymouth State University. If you want to understand how a kid who was homeless at 18 becomes a real estate scion with a portfolio stretching from the White Mountains to Boston, you have to look at a specific stretch of pavement in New Hampshire: M Street.

The M Street Gamble

Back in 1993, Nicholas Riccio was driving through Hampton Beach with his mother, Marilyn. At the time, he was stocking shelves at a Purity Supreme grocery store. He wasn't exactly flush with cash. As they rolled down M Street, the scene was pretty grim—condemned buildings, peeling paint, and a reputation for being the kind of place you’d avoid after dark.

Most people saw a mess. Riccio saw a gold mine.

He didn't have the money to buy the block. Heck, he barely had the money for a down payment on a single unit. But he’d been devouring motivational books and had just finished a real estate course in 1990. He bought one building. Then another. He was borrowing money at interest rates that would make a modern banker faint—sometimes as high as 50% or even 100%. High risk? That’s an understatement. It was financial tightrope walking without a net.

By 2005, he didn't just own a few units. He owned 15 buildings on that single street, totaling about 70 living units. He basically terraformed a neighborhood. He took the "condemned" signs down and put up rental listings. This wasn't about flipping for a quick buck; it was about creating a rental empire under his company, Riccio Enterprises LLC.

Why the "Rags to Riches" Label Actually Fits

We use that phrase a lot, but for Nicholas Riccio, it's literal. After his parents, Anthony and Marilyn, divorced, his childhood was anything but stable. By the time he hit 18, he was on the streets.

There’s a story he told the Portsmouth Herald years ago that sticks with you. When he was 19, he’d call up his buddies and ask to come over to "watch the game." He didn't care about the score. He just needed a place to take a shower.

That kind of background changes how you do business. While other developers were looking at spreadsheets and ROI, Riccio was looking at property as a fortress. He founded Nautical Beach Properties, a subsidiary that manages vacation rentals like the Nautical Motel. If you go to Hampton Beach today, you can see the result: clean, renovated houses that rent for anywhere from $150 to over $600 a night during peak season.

The Sports Obsession and the Bush Connection

Here’s something most people miss: Riccio doesn't just want to be a landlord. He wants to be a team owner. He’s an avid sports memorabilia collector with a "personal museum" inside his Hampton Beach home.

In 2005, he actually got to chat with former President George W. Bush about this. They weren't talking policy; they were talking baseball. Bush, who once owned part of the Texas Rangers, was a sort of blueprint for Riccio’s long-term goal. He’s been quoted saying that his real estate work is just a vehicle to facilitate the dream of owning a professional sports team. He hasn't bought the Red Sox yet, but he’s clearly playing a long game.

📖 Related: The Have and Have Nots: Why the Wealth Gap is More Than Just Numbers

What His Business Actually Looks Like in 2026

If you look at the public records for Riccio Enterprises, it's a lean, private operation. He’s not a guy who’s all over Instagram or LinkedIn. In fact, his wife has described him as an introvert who "just hates social media."

• The Portfolio: It’s heavily concentrated in New Hampshire but has feelers out in Boston and even a property in West Virginia.
• The Strategy: Buy distressed, renovate to a "family-friendly" standard, and hold.
• The Net Worth: Estimates usually float around the $6 million mark, though some industry insiders suggest the total asset value of his holdings could be significantly higher depending on the current Seacoast market valuation.

Some people were surprised when he helped fund Karoline Leavitt’s 2022 congressional bid. They shouldn't have been. He’s been a self-made operator for thirty years; he knows how to back a venture he believes in.

Common Misconceptions About Nicholas Riccio

People hear "real estate developer" and think of glass towers and predatory lending. Riccio’s model is much more granular. He’s a "street-level" developer. He focuses on the "house hacking" and multi-family unit conversions that actually make up the backbone of coastal tourism economies.

Another big one? The idea that he’s just a "political husband" now. While he’s definitely taking on more of a "hands-on father" role—especially with their son Niko and a second baby on the way in May 2026—his business remains the engine. He’s provided a level of financial stability that allows Leavitt to navigate the chaos of the White House briefing room without worrying about the mortgage.

Actionable Insights for Real Estate Hopefuls

If you’re looking at Nicholas Riccio’s career and wondering how to replicate it, the lessons aren't found in a textbook.

1. Hyper-Locality Wins: Riccio didn't try to conquer the world. He conquered M Street. By owning multiple properties in one area, you control the "vibe" and safety of the neighborhood, which in turn raises your property values.
2. Sweat Equity Over Debt: In the early days, he was the one doing the work. You can't be afraid of the "condemned" tag if you have the vision to see past the rot.
3. The "Hold" Mentality: He’s been at this since 1993. That’s over 30 years of compounding rental income and property appreciation.

Nicholas Riccio’s story is basically a reminder that the most successful people in the room are often the ones you didn't notice until they’d already bought the building you're standing in. He’s a private guy running a very public-facing empire of beach houses and motels, and he doesn't seem to care if you know his name or not—as long as the rent is paid and the properties are clean.

If you are interested in the New Hampshire real estate market, your next move should be researching the Hampton Beach Master Plan. It gives you a roadmap of how the city plans to develop the area over the next decade, which is exactly the kind of "due diligence" Riccio used to build his M Street legacy. Look into the current zoning for multi-family conversions in the Seacoast region to see where the next "M Street" might be hiding.