Makaha golf
course bought by
Jeff Stone group

An investment group led by Ko Olina developer Jeff Stone emerged yesterday as the buyer of the Makaha Valley Country Club in West Oahu.

West Honolulu Investments LLC bought the country club from Nitto Hawaii Co., a unit of financially troubled Nitto Kogyo Co., one of Japan's biggest golf course operators. Nitto Kogyo filed for bankruptcy protection two years ago and is now owned by U.S. investment bank Goldman Sachs.

The sale was disclosed in a state filing in October, but without the identity of the buyer.

The purchase price was not disclosed yesterday. Nitto Hawaii bought the golf course and 70 undeveloped acres for $6.3 million in 1982.

West Honolulu Investments said all 53 employees of the country club will be retained.

"We've always believed that Makaha Valley had great potential to be an economic foundation for local residents and the Leeward coast in general," said Stone, managing partner of West Honolulu Investments.

"We are privileged to assume stewardship of this one-of-a-kind property from Nitto Hawaii and look forward to ensuring the economic stability of the valley for future generations."

The sale is expected to close today.

Stone has been investing heavily in Hawaii properties recently. Princeville Associates LLC, of which Stone is managing partner, announced in July it would buy the 9,000-acre Princeville Resort on Kauai. Hawaiian Land Development Corp., owned by Stone, is a minority investor in this year's purchase of Honsador Lumber.

The Makaha Resort Golf Club, a property next to the Makaha Valley Country Club, sold earlier this year to Fairmont Resort Properties Ltd., a Canadian hotel operator.