Honolulu Star-Bulletin Business
Deadline approaches
for Kaiser estate
bidding

Based on recent sales in the Portlock area,
it could fetch over $20 million

By Rob Perez
Star-Bulletin

Forget about chocolates and flowers - unless you're looking for run-of-the-mill gifts for Valentine's Day.

But if you're looking for something truly unique, Christine O'Brien has a deal for you.

The catch: you must have access to millions of dollars.

That's what it will take to become the new owner of the Kaiser estate, a 7.2-acre beachside spread in Portlock for which Japanese billionaire Gensiro Kawamoto in 1988 paid $42.5 million.

That deal - the land wasn't even included - was described at the time as the highest price ever paid for an existing home in the United States.

Current owner Bishop Estate is selling the property fee-simple (land included), and sealed bids are being accepted until 5 p.m. tomorrow. Coldwell Banker Pacific Properties, where O'Brien works, is handling the listing.

O'Brien said there has been strong interest from would-be buyers but wouldn't elaborate, citing the owner's wishes. She said a decision about the sale may not be made for months.

The way the famed parcel is being sold has attracted keen interest in Hawaii real estate circles.

Agents say they are curious what the property will fetch, particularly because the sealed-bid process has not generated good results in Hawaii.

"It's an interesting way of marketing properties," said Mary Worrall, president of Mary Worrall Associates, a real estate firm that handles upscale listings. "I have a hard time understanding" why that method was selected.

The uniqueness of the property might have something to do with it. The site is the largest private-use oceanfront property in urban Honolulu, with panoramic views of Diamond Head and the Hawaii Kai coastline, according to marketing materials for the residence.

No minimum price has been set. But the most recent sales of property along Portlock fetched about $75 to $80 per square foot, Worrall said.

At that rate, the Kaiser estate - developed by steel magnate Henry J. Kaiser in 1959 - would command a price in the mid-$20 million range.

Whoever buys it will be after the land. The six structures on the property are not usable, according to Coldwell Banker.

"It's a beautiful, beautiful spot," Worrall said. Whoever purchases it "will be buying a building site."




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