Kailua Beach estate listed for $21M


POSTED: Saturday, April 04, 2009

Want to own a little piece of paradise in South Kalaheo down the road from where President Obama and family sought refuge on Oahu in the months before victory?

Las Vegas club owner Andrew Sasson has listed his newly completed luxurious $21 million estate in Kailua Beach with the Hawaii-based high-end real estate firm Mary Worrall Associates Sotheby's International Realty.

The 7,600-square-foot estate includes a main house and a guest house with a total of eight bedrooms and eight-and-a-half baths. The two houses, which are on either side of a full-infinity pool, were built to accommodate multigenerational living, said Mary Worrall, the listing agent and owner of the listing firm.

Designed by architect Peter Vincent and completed by Sutton Construction, the contemporary residence also includes an eight-car motor court and 25,860-square-foot lot with a sizable amount of beach frontage, Worrall said.

“;This is a rare property because it's a brand-new home and it wasn't built by a speculator,”; Worrall said. “;This home was built for a specific owner who stayed in it when he was in town, but he had a change of plans and decided to put it on the market.”;

Worrall said that she already has gotten calls on the property.

“;We've gotten some interest and had some calls mostly from mainland prospects through the Sotheby's system,”; she said.

While there are currently 12 properties on Oahu's multiple listing service for more than $15 million, Worrall said that there have been only two sales over that amount since 2007.

“;Certainly the high-end sales have slowed down, but the prices have held steady,”; she said.

Worrall's firm sold a Portlock residence for $15.3 million in 2007 and in 2008 another firm sold a two-acre Kailua Beach estate for $22 million, Worrall said.