Maui

Makena Beach and Golf Resort Auction – Going Once, Twice, Three Times… Sold for $95 Million

Makena Beach Resort Lobby

Sold for $95 million back to the lenders. In a lackluster showing of cash flush investors, the property will stay in the hands of the current lenders… for now that is.

The stage was set and we were just waiting for the players. Folks, the money trail wasn’t anywhere in the house today. The court room was abuzz with many high end real estate agents. (Side note: 1) I didn’t realize that Wicked Wahine perfume is still in production and 2) Come on man…shorts in the courtroom…really?) Early predictions were that bidding would get to levels in the 200 million range. Yet only 2 qualified bidders showed up for the buy of a lifetime, which in my opinion fell flat. I suppose now is when all the posturing begins. Who will approach the lenders first for a private sale? (A private sale would be my guess.) Here is how the bidding unfolded:

57,750,000 – Overbid

65,000,000

70,000,000

72,000,000

75,000,000

80,000,000

85,000,000

90,000,000

95,000,000 – Sold

It was a very interesting experience. After weeks of contemplation, I have come to a few conclusions about what will be the outcome when the property gets eventually sold. I believe that the value in the property is not in the resort as a whole. Rather, the value lies in the undeveloped land. That undeveloped land, however, becomes less developable (is this a word?) as time goes by. There will be development but the question is just how much? A theory floating around is that the buyer will slice up the property and spin/sell off the various pieces. Does a hotel really need 2 golf courses? Maybe one could be further developed to a different use. Hey Oprah, you could have added onto your estate!

Well, you can be certain that this saga is not over. I pledge to you that I will be on top of all breaking details.

Please read my original blog that started this all: Makena Beach & Golf Resort Foreclosure Sale

If Makena Beach is new to you, please view my Touring Makena Beach video:

If you would like to see the available residential inventory in Makena Beach, please view my Makena Beach Luxury Homes gallery.

And finally, if you would like to make Makena Beach your home, contact me.

Aloha!

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Jeremy Stice

July 13, 2010

Ken,
Awesome job of being right on top of the beat. I personally have loved staying at the Makena Resort formally the Prince Hotel since I was a little kid. The beach right in front of hotel is awesome, there are almost always turtles and other wildlife right offshore. I was just there about a month ago- the golf, tennis, paddleboarding, snorkeling,and Makena sun are just awesome. For someone who is looking just to get away from all the hustle and bustle, this natural beauty is unparalleled. Live the Makena Life!

Jeremy Stice

July 13, 2010

Ken,
Awesome job of being right on top of the beat. I personally have loved staying at the Makena Resort formally the Prince Hotel since I was a little kid. The beach right in front of hotel is awesome, there are almost always turtles and other wildlife right offshore. I was just there about a month ago- the golf, tennis, paddleboarding, snorkeling,and Makena sun are just awesome. For someone who is looking just to get away from all the hustle and bustle, this natural beauty is unparalleled. Live the Makena Life!

Katie Minkus, R(BIC)

July 13, 2010

Ken – but for a few $100million, I could have been the new owner… sigh. Shorts in the courtroom – you crack me up!

Katie Minkus, R(BIC)

July 13, 2010

Ken – but for a few $100million, I could have been the new owner… sigh. Shorts in the courtroom – you crack me up!

Heidi White, R(S)

July 13, 2010

Hi Ken, Aloha from the Big Island! Wow! you certainly are the MaKena Specialist no doubt! I shall send folks your way for sure! Awesome job! I am Maui Dreamin after that walk thru paradise!

Heidi White, R(S)

July 13, 2010

Hi Ken, Aloha from the Big Island! Wow! you certainly are the MaKena Specialist no doubt! I shall send folks your way for sure! Awesome job! I am Maui Dreamin after that walk thru paradise!

Dano Sayles

July 13, 2010

Aloha Ken,
Nice video of Makena. I will surely have have to visit this weekend.Lucky we live Maui !

Dano Sayles

July 13, 2010

Aloha Ken,
Nice video of Makena. I will surely have have to visit this weekend.Lucky we live Maui !

Jeff Manier

July 13, 2010

Hi Ken,
Beautiful property. How many of the homesites have sold at Maluaka? How many are available? Is Traditions Management still handling the sales and marketing there?
Regards,
Jeff Manier

Jeff Manier

July 13, 2010

Hi Ken,
Beautiful property. How many of the homesites have sold at Maluaka? How many are available? Is Traditions Management still handling the sales and marketing there?
Regards,
Jeff Manier

Ken Molina R(S)

July 13, 2010

Jeff,
I don’t believe that Traditions Management is marketing the Maluaka project. Here are the home sites that are currently available and the prices.
1 – $4.2mil
2 – 4.4mil
4 – 5.850mil
6 – 4.950mil
7 – 5.250mil
8 – 4.650mil
12 – 6.250mil
I hope this answers your question. Let me know if I could be of any further help.
Resale
11 – 7.496mil

Ken Molina R(S)

July 13, 2010

Jeff,
I don’t believe that Traditions Management is marketing the Maluaka project. Here are the home sites that are currently available and the prices.
1 – $4.2mil
2 – 4.4mil
4 – 5.850mil
6 – 4.950mil
7 – 5.250mil
8 – 4.650mil
12 – 6.250mil
I hope this answers your question. Let me know if I could be of any further help.
Resale
11 – 7.496mil

Makena Beach and Golf Resort Status Update « Hawaii Real Estate Market

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Makena Beach and Golf Resort Status Update « Hawaii Real Estate Market

July 13, 2010

[…] Makena Beach and Golf Resort, Going Once, Twice, Sold! Part 2 […]

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