A mainland firm that specializes in restructuring distressed businesses has taken over the Big Island's luxury Hokulia subdivision.

The project's creditor bank is also looking for investors to buy the 1,550-acre Hokulia property and the undeveloped, neighboring 660-acre Keopuka parcel.

The Hokulia project includes plans for over 600 home lots ranging from $1 million to $8 million, a Jack Nicklaus-designed golf course, a spa, tennis courts, a beach house and a club.

Construction on the Hokulia project began in early 1998, but was halted for two years starting in 2003 when Circuit Judge Ronald Ibarra ruled it violated state law on agricultural land use.

Building resumed after developers reached a settlement with petitioners that reduced the number of home sites to 665 from the 810 approved by the county.

Arizona developer Lyle Anderson revealed the directorship change on Friday after telling residents he was no longer involved in management but was still the named owner of the property.

Marotta, Gund, Budd and Dzera LLC, or MGBD, is Hokulia's new sole director.

Anderson said his creditor, the Bank of Scotland, has the option to take ownership of the property or sell it.

The same applies to the other properties owned by Anderson's Lyle Anderson Cos.: Superstition Mountain in Arizona, Las Campanas in New Mexico and Loch Lomond Golf Club in Scotland.

Anderson, who said he began looking for more investors as long as two years ago, said he would continue to search for partners who would be willing to finance the project to its completion.

He said the management and staff of Hokulia would be retained.

A MGBD spokesman says all past commitments, including the Mamalahoa Highway bypass and the Hokulia Foundation, would be honored by any new owners.

About a third of the 665-lot luxury golf course subdivision makai of Kealakekua is sold. But work on infrastructure, including a $10.75 million clubhouse and new house sites, was halted in May as a result of the worldwide credit crunch.

Dixie Kaetsu, Hawaii County managing director, said the Mayor Harry Kim administration is confident that any changes in ownership do not have an impact on the obligations of Hokulia to complete the bypass highway.