Campbell cuts staff
The estate will eliminate
more than a third
of its work force
The Estate of James Campbell has notified the State Department of Labor that it will eliminate 38 of its 100 positions as part of its transition to a real estate operating company.
An estate spokeswoman would not comment on the nature of the jobs being eliminated.
The reorganization will begin Oct. 24 or later according to the filing.
Hawaii's second largest land trust, established in 1900, has about 70,000 acres on Oahu, Maui and the Big Island. The estate will terminate on Jan. 20, 2007, 20 years after the death of the last of Campbell's four daughters.
Campbell divided the estate among his four daughters in four equal entitlements. There are more than 20 estate heirs today. The estate would not confirm the exact number, but spokeswoman Theresia McMurdo said they will divide up almost $2 billion in assets.
Those assets cover Hawaii properties in Ewa and Kahuku on Oahu, Kaanapali on Maui and Puna on the Big Island left by Campbell when he died in 1900. In Hawaii, the centerpiece of the estate is the city of Kapolei. Also included is a growing body of mainland assets acquired by tax-free exchanges of Hawaiian lands. The mainland portfolio includes industrial, office, hotel and shopping center land.
There is also growing investment in financial assets.
In December the Probate Court approved a plan to create a limited liability company, James Campbell Co. LLC, that will continue estate business when the trust terminates. All leases and contracts with the estate will continue to be honored, according to a statement released by the estate.
