Big Island site
offered at discount
A Big Island property that originally sold for more than $37 million in 1990 is on the market for $10 million.
The 866-acre property, approved for residential development, is north of Waikoloa Village in an area known as Waikoloa Heights. It is being shopped by Hilo Realtor Joel La Pinta and Kennedy-Wilson International of Beverly Hills, Calif.
The original plan for the property was for 1,250 residential lots, but the parcel is approved for a maximum of 2,205 housing units. Waikoloa Heights Investment Partnership bought the property from Waikoloa Development Co. in 1990. But in 1994, Mitsui Trust and Banking Co. Ltd. of Japan filed a foreclosure notice against the partnership, which had borrowed $10 million from Mitsui as well as $2 million from Central Pacific Bank to develop the property. The current property owner is Oaktree Capital Management Corp., La Pinta said. That company appears to have acquired the property for $16 million through a limited partnership set up in 2001, according to state tax records.
Whoever buys the parcel can change the design, La Pinta said. It is zoned residential and has water and sewer entitlements in place.
The original development was to encompass a mix of custom-built luxury homes and more moderate single-family homes on lots ranging from 10,000 square feet to 25,000 square feet. An 18-hole golf course designed by Gary Player was also part of the plan.
La Pinta said he has already received one letter of intent for the property and there are several potential buyers looking at the parcel. "Nothing has been accepted yet," he said.
