Sep 3, 2013, 7:23am HST
Staff Pacific Business News
Japanese billionaire Genshiro Kawamoto may be preparing to sell — or has already sold — some of his more than two dozen properties in the upscale oceanfront Kahala neighborhood in Honolulu.
Hawaii News Now reports Richard Turbin, a local attorney and Kawamoto neighbor, said he was told a large Japanese corporation based in Tokyo has purchased the Kawamoto properties and plans to put them on the market.
Hawaii News Now reports that preliminary title reports have also been pulled on a majority of Kawamoto’s 27 Kahala properties, which real estate agents say its a first step in a sale.
Kawamoto has been fined thousands of dollars this year for allowing his properties to deteriorate, under a new law that requires homeowners to clean up their properties or pay stiff fines. Earlier this year, Kawamoto was jailed for three weeks in Tokyo after being arrested on tax evasion charges tied to his Japan real estate holdings.