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1,800 acres
for sale in
Waimea Valley

Zoned for conservation,
it boasts an Adventure Park
and a popular waterfall

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By Russ Lynch
Star-Bulletin

Waimea Valley is for sale at an asking price of $25 million. The property of more than 1,800 fee-simple acres includes the 300-acre Waimea Valley Adventure Park, the popular waterfall, and a lot of untouched land.

Real estate broker Kai McDurmin, of Coldwell Banker Pacific Properties in Honolulu, said today that the property has been listed for about a month and that she has had a number of inquiries.

"We're just in the beginning, preliminary part of our marketing," she said.

McDurmin said the property is zoned conservation, which limits its use, but it could be a retreat for an individual investor who would like the lush, quiet valley.

Or it could be an opportunity for someone who wants to continue and expand the environmental/theme park operation, McDurmin said.

New York investor Christian Wolffer acquired the property in October 1996 by picking up a $12 million Bank of Hawaii mortgage in which the previous owners, Attractions Hawaii, were in default.

Wolffer, who made improvements to the park to boost its appeal as a tourist attraction, has said he is losing money on the park operation. He is in a dispute with Bank of Hawaii over the mortgage.

Darrell Metzger, president of Atlantis Aventures, which manages the Waimea Valley Adventure Park and Sea Life Park, Wolffer's other acquisition here, said Wolffer told him he has received a number of inquiries about the property since he took it over.

"He deals in real estate and development worldwide," Metzger said. "Maybe this is the time to see what it's worth."

Metzger said Wolffer is traveling in Europe and cannot be reached for comment.

The Waimea property can be viewed on the Internet at

www.realtor.com/honolulu/kai.