A beachfront mansion on Honolulu’s Kahala Avenue once owned by the late Honolulu attorney David Schutter has been sold to a new owner, who plans to demolish the existing 18,000 square-foot home and rebuild, PBN has confirmed.
Oahu Auctions also will hold an estate auction on Feb. 28 to liquidate the contents of the 17-bedroom home.
Carl Smigielski, owner and president of Sandwich Isles Realty, which recently merged with Keller Williams Realty’s Honolulu franchise, told PBN that the property at 4747 Kahala Ave. probably sold for between $17 million and $18 million.The seller was Japan-based Kirin Planning Ltd. Co.,
The property had been listed for $26 million and has a total assessed value of about $23.4 million, according to public records.
“It’s been on the market for five years,” Smigielski said, noting that the property has seen better days, and that a new residential project makes sense.
Mike Gobran, owner of MBC Construction LLC, who will have a hands-on role in the future development of the estate for the new owner, declined to say who the new owner is, although he said that the owner will demolish the estate, with the new plan for the property under the design process.
Schutter transferred the property to Bank of Hawaii in 1995, which was purchased by Kirin Planning two years later for $7.2 million, tax records show.
Oahu Auctions also held an auction for another Kahala Avenue property in 2013 — a former home of Japanese businessman Genshiro Kawamoto that was purchased by Alexander & Baldwin Inc.
Duane Shimogawa Reporter – Pacific Business News