A Kahala beachfront property that once hosted presidents and heads of state, before falling into disrepair, has been sold to an unidentified buyer for $19.4 million.
Alexander & Baldwin had bought the property at 4653 and 4653B Kahala Avenue from Japanese businessman Genshiro Kawamoto, who demolished the residence and allowed the property to deteriorate. It had once been the home of Hawaii philanthropist Cecily Johnston, co-founder of Pacific Construction Co., who hosted celebrities, presidents and heads of states there.
“This has always been a very prestigious property,” said Perry, who declined to disclose information about the buyer.
She said she did not know the buyer’s plans for the property.
One of the parcels is 26,400 square feet and the other is 36,894 square feet, Perry said.
In September 2013, Alexander & Baldwin paid $98 million for 27 properties that Kawamoto owned. In December of that same year, A&B bought three more properties, including the two that Johnston had owned, for another $30 million.
Perry said the sale represents a milestone in the renaissance of Kahala Avenue.
Coldwell Banker said the sale is the highest-priced land sale on Oahu since 2006.
Bill Cresenzo Reporter – Pacific Business News