Advertisement - Click to support our sponsors.

Tuesday, December 12, 2000

Last piece of
Kaiser estate sold for
$5.1 million

By Russ Lynch

The guesthouse at the famous Kaiser estate in Portlock has been sold for $5.1 million, about $800,000 lower than the latest asking price but still one of the highest home prices on Oahu in recent years.

The buyer asked for anonymity but is a Nevada resident, said the sales agent, Christine O'Brien of Coldwell Banker Commercial Pacific Properties. The sale included the house at 505 Portlock Road and its 80,000 square feet of land.

The guesthouse was the last of three pieces to be sold since Japanese billionaire Gensiro Kawamoto turned it over to landowner Kamehameha Schools in 1994 in a protest against its attempt to charge him a lease rental of $1 million a year for the land.

After a sealed-bid auction in 1997 failed, the seven-acre property was split into three parts, which were offered for sale as fee simple.

The first parcel to sell, the four-story boathouse and dock, changed hands for $5 million later that year. The main house was sold in February this year for $9.6 million.

While the identity of the buyers has not been disclosed, real estate sources say the three pieces went to two buyers.

The latest sale brings the total since Kamehameha Schools put it on the market to $19.7 million. Kawamoto had paid about $42 million for the whole property in 1988.

The luxurious oceanfront estate was originally developed by industrialist Henry J. Kaiser, who created the nearby Hawaii Kai development. It was completed in 1959. Kaiser died there in 1967 and in 1971 it was sold to the wealthy Goldman Brothers, heirs to a fortune from their father who created supermarket shopping carts.

E-mail to Business Editor

Text Site Directory:
[News] [Business] [Features] [Sports] [Editorial] [Do It Electric!]
[Classified Ads] [Search] [Subscribe] [Info] [Letter to Editor]

© 2000 Honolulu Star-Bulletin