Luxury Experiences Honolulu Archives - Page 2 of 4

Hawaii pop star Bruno Mars sells Hawaii home for $2.7M

June 17, 2015 By Mark G. Howard Leave a Comment

Hawaii-born Grammy-winning singer Bruno Mars’ Honolulu home, which was originally put on the market last year for $3.5 million, has been sold for $2.7 million, according to public records.

PBN first reported that the Roosevelt High School alumnus listed his two-story home last year for $3.5 million, according to the Realtor who listed the East Honolulu property.

However, earlier this year, David Buck, the Realtor for Hawaii Life Real Estate Brokers, who had the listing, told PBN that Mars decided to take his home off the market.

The asking price was eventually lowered to $2.99 million with a new listing agent.

The total assessed value of the property is about $2.6 million, with the land valued at nearly $1.4 million and the home, which was built in 1991, valued at $1.25 million.

The closure of the sale of Mars’ home was on May 19.

Mars, who gave a rousing performance at the Super Bowl halftime show a year ago and shortly after made appearances in Honolulu for several shows, bought the four-bedroom, 4,124-square-foot home in Portlock in 2012 from John Browning, heir to the Utah-based firearms company Browning, for $3.1 million, according to property records.

The property is situated just one home away from the ocean on more than a third of an acre, and has a pool, hot tub and a cabana with a gas grill and kegerator, the listing said.

Duane Shimogawa
Pacific Business News

eBay founder Pierre Omidyar is Hawaii’s richest person, Forbes says

June 5, 2015 By Mark G. Howard Leave a Comment

Pierre Omidyar, founder of eBay, is seen in this 2011 photo at one of his other

Pierre Omidyar, founder and chairman of eBay, who lives in Honolulu and has a net worth of $8.1 billion, is the richest person in Hawaii, according to Forbes magazine.

The 47-year-old billionaire Hawaii resident, who also is a co-founder of Honolulu Civil Beat, ranks No. 168 on the 2015 billionaire’s list in the world and is pegged at No. 58 in the United States.

Forbes, which created a list of the richest person in all 50 states, lists other billionaires with Hawaii ties, including Oracle Corp. founder Larry Ellison, who a few years ago, purchase 98 percent of the Hawaiian Island of Lanai for a reported $300 million.

The 70-year-old tech titan, who has a net worth of $54.6 billion, is the richest person in California, as well as the third richest person in the U.S. and is fifth on Forbes’ 2015 billionaires list.

In October, Hawaii real estate mogul Jay Shidler was listed as the richest person in Hawaii, with an estimated worth of $700 million, by Wealth-X, which tracks the wealthiest people in the world. That list also ranked Ellison as the richest person in California.

Duane Shimogawa
Pacific Business News

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Oahu luxury home sales soar by 54% in April,

May 27, 2015 By Mark G. Howard Leave a Comment

The number of luxury homes and condominiums that sold for at least $1 million on Oahu rose by 54 percent last month compared to the same time last year, according to a monthly analysis.

In all, 83 luxury homes, defined as those that sold for $1 million or more, changed hands in April — a jump from 54 in April 2014.

The median sales price for those luxury properties dropped to $1.31 million last month compared to $1.4 million in 2014.

“Year-to-date sales of single-family homes over $1 million indicate a strong performance compared to the same period a year ago,”. “Specifically, sales in the $1-million to $2-million price range are up 40 percent while the $2-million to $6-million price range are down by 45 percent.”

In all, a total of 72 homes were sold in the $1 million to $2 million price range. Nine more, meanwhile, were sold in the $2 million to $4 million price range. Only two Oahu properties were sold last month for at least $4 million.

Kakaako led the island in luxury property sales last month with eight closed sales, followed by Diamond Head with five closed sales, and Lanikai and Waikiki with four closed sales for each neighborhood.

“Based on the current rate of sale, we only have four months of inventory remaining for single-family homes in this segment — a balanced market is six months of inventory,” Nakagawa said. “Meanwhile, the higher price ranges in the luxury market have not been selling as briskly. The units in escrow (or forward sales) for single-family homes show that this trend will keep going.”

More luxury properties in $1 to $2 million price range, she explained, would have to be put up for sale to balance out the market and keep up with the “very, very high demand for these properties.”

Though she has seen more of those homes come on the market over the past few months, the number of those selling for at least $4 million has been building over time as fewer sales for those properties take place, Nakagawa said.

The most expensive home sale recording by Multiple Listing Service data last month was a six-bedroom, four-bath, 3,055-square-foot home in Kailua for $10.5 million.

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Alexander & Baldwin sells half of former Kawamoto-owned Kahala properties

April 21, 2015 By Mark G. Howard Leave a Comment

This home in Honolulu’s Kahala neighborhood is one of the properties formerly owned by Japanese businessman Genshiro Kawamoto before it was rehabilitated and marketed by Alexander & Baldwin.

Alexander & Baldwin Inc. has sold about half of the Kahala properties it acquired from Japanese businessman Genshiro Kawamoto in 2013, the Honolulu-based real estate firm said in its 2014 annual report released Monday.

A&B had purchased the 30 “Estates of Kahala” properties for about $128 million.The sales as of Dec. 31, 2014, had generated a total of $82.5 million, the company reported.

The properties were in various stages of disrepair, and A&B began immediately to prepare them for sale.

In 2014 alone, A&B generated $38.4 million in sales from the properties, with 14 remaining on the market, including six large oceanfront parcels.

A Hawaii real estate expert previously told PBN that the properties could fetch at least $200 million.

Duane Shimogawa Reporter – Pacific Business News

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Kuhio Avenue landowners request zoning change

April 13, 2015 By Mark G. Howard Leave a Comment

The beachfront property once owned by Hawaii philanthropist Cecily Johnston has been sold for $19.4 million to a Singapore-based developer.

Far East Organization, one of the largest private property developers in Singapore, paid $19.4 million for Kahala beachfront property that once hosted presidents and heads of state, according to public records.

PBN reported on the sale in November 2014, although it wasn’t known at that time who the buyer was.

Singapore-based Boo Han Holdings Pte. Ltd., an investment holding and property development firm and a subsidiary of Far East Organization, bought the properties at 4653 and 4653-B Kahala Ave. fromAlexander & Baldwin Inc., which in 2013 bought them from Japanese businessman Genshiro Kawamoto as part of a larger acquisition.

Kawamoto 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 such famous guests as President Ronald Reagan and former First Lady Jacqueline Kennedy Onassis.

In September 2013, A&B paid $98 million for 27 properties that Kawamoto owned and about three months later bought three more properties, including the two that Johnston had owned, for another $30 million.

Duane Shimogawa Reporter – Pacific Business News

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Panda Express billionaire founders buy $15.2M Hawaii oceanfront estate

April 7, 2015 By Mark G. Howard Leave a Comment

Panda Express’ billionaire founders recently purchased oceanfront property in Hawaii

The billionaire husband-and-wife founders of the Chinese fast-food restaurant chain Panda Express have purchased a beachfront mansion on Honolulu’s Kahala Avenue that was once owned by the late Honolulu attorney David Schutter for $15.2 million, according to public records.

Andrew Cherng and Peggy Cherng, who have a net worth of $3.1 billion, according to Forbes, formed CFIC-2014 NV Family Investments LLC for the purchase. The company’s address is the corporate headquarters of California-based Panda Restaurant Group, the parent of Panda Express, Panda Inn and Hibachi-San.

Cherng Family Investments LLC is listed as the manager of CFIC-2014 NV Family Investments, which was formed earlier this month.

The new owners of the Kahala estate plan to demolish the existing 18,000-square-foot home and rebuild, the construction firm owner that will have a hands-on role in the future development of the property for the Cherngs, previously told PBN.

Oahu Auctions held an estate auction on Feb. 28 to liquidate the contents of the 17-bedroom home, which was formerly owned by Japan-based Fuji Fund Ltd., formerly Kirin Planning Ltd.

The property, which had been on the market for about five years, had been listed for $26 million and has a total assessed value of about $23.4 million, according to public records.

Mike Gobran, owner of MBC Construction LLC, said that the owner will demolish the estate, with the new plan for the property going through the design process.

Bank of Hawaii acquired the property through foreclosure in 1995, which. It was purchased by Kirin Planning two years later for $7.2 million, tax records show.

The Cherngs, who founded Panda Express in 1983, have grown the chain to nearly 1,8000 eateries in the United States, Puerto Rico and Canada, with franchised restaurants in Mexico, Korea and Dubai, according to Forbes.

Kahala Avenue has seen some major activity in sales recently, especially after Alexander & Baldwin Inc.’s (NYSE: ALEX) purchase of Japanese businessman Genshiro Kawamoto’s property on one of the most prestigious streets in Hawaii.

Far East Organization, one of the largest private property developers in Singapore, paid $19.4 million for a Kahala oceanfront property that once hosted presidents and heads of state.

Duane Shimogawa Reporter – Pacific Business News

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Actor Chuck Norris buying Kauai North Shore property

April 5, 2015 By Mark G. Howard Leave a Comment

Celebrity martial artist and actor Chuck Norris is buying Kauai North Shore property, a source told PBN this week.

Norris is the latest celebrity to acquire property on the Garden Isle. Others include Facebook founder Mark Zuckerberg and Oakley founder James Jannard.

The source told PBN that Norris, who has starred in several films and television shows, including “Walker, Texas Ranger,” is under contract to buy property at Paradise Island Ranch in Kilauea.

Farther up the North Shore, Jannard is buying several adjacent Hanalei Bay beachfront homes.

In 2012, Jannard’s Kauains LLC purchased a 23,162-square-foot parcel on Weke Road in Hanalei for $13.35 million from Jan Hailey Revocable Trust, near his current purchases. He sold it to Waioli Surf Shack Holdings LLC for $15 million a year later, according to public records.

Waioli Surf Shack Holdings has purchased five properties, a mix of vacant land and parcels with homes on them, for about $50 million.

Waioli Surf Shack Holdings’ C. Frederick Taylor is a partner in the hedge fund TGS Management, which has given almost $2 billion to charity, according to Bloomberg Businessweek.

The median price of homes on Kauai’s North Shore topped $1 million last month, according to data from Hawaii Information Service on behalf of the Kauai Board of Realtors.

In the Hanalei district, where the Princeville resort is located, the median price more than doubled to $1.3 million in February, 132 percent more than the median price of $560,000 in February 2014.

Duane Shimogawa Reporter – Pacific Business News

Billionaire Larry Ellison’s Musashi mega-yacht docked at Honolulu’s Kewalo Basin Harbor

March 30, 2015 By Mark G. Howard Leave a Comment

Larry Ellison’s yacht, Musashi, has been docked at Honolulu’s Kewalo Basin.

Billionaire Oracle Corp. co-founder Larry Ellison’s mega-yacht Musashi is back in Hawaii again, docked at Kewalo Basin Harbor near the former Fisherman’s Wharf restaurant property in Honolulu.

It’s not known if Ellison, the 98-percent owner of the island of Lanai, is onboard.

According to those with access, the vessel includes a basketball court and a crane to launch racing boats.

The Howard Hughes Corp., which owns 60 acres across it is currently developing as its Ward Village master-planned community, also recently became the manager of Kewalo Basin Harbor.

A spokeswoman for the Texas-based developer told PBN Thursday that it couldn’t provide any information on Musashi due to its policy on tenant privacy.

In 2013, the 288-foot super yacht, which has five decks, docked at Aloha Tower in Honolulu Harbor for about six months.

It costs $2,193.51 per month to dock a ship that size in Honolulu, not including the costs for electrical and water supply, and a port entry fee of $68.75 to enter the harbor.

Ellison was apparently onboard during his 2013 visit to Hawaii, stopping by Lanai to meet with Maui Mayor Alan Arakawa, among others.

“It’s huge,” Butch Gima, president of the community advocacy organization Lanaians for Sensible Growth, previously told PBN. “I saw it as I was heading down to the harbor to pick someone up.”

About a year ago, a pair of mega-yachts owned by two of the world’s wealthiest people, Microsoft co-founder and Seattle Seahawks owner Paul Allen and former Miss UK Kirsty Bertarelli, were docked at Honolulu harbor.

Allen, along with his research team, recently claimed to have found the wreck of another ship named Musashi, the sunken remains of a World War II Japanese vessel.

He plans to live-stream an underwater tour of that ship.

Duane Shimogawa Reporter – Pacific Business News

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Buyer of $8.7M former ‘Magnum, P.I.’ estate has ties to Obama and Hawaii

March 26, 2015 By Mark G. Howard Leave a Comment

The Hawaii estate that was featured on “Magnum, P.I” is seen in this 2012 file photo. The three-acre estate in the East Oahu community of Waimanalo was sold for $8.7 million to a Chicago entity with close ties to President Barack Obama.

The buyer of the $8.7 million Hawaii beachfront estate known as the home of Tom Selleck’s 1980’s television character “Magnum P.I.” — a Chicago entity with close ties to President Barack Obama — has “strong ties to Hawaii,” the firm that represented the seller said Thursday.

The entity that recently closed on the sale, Wamanalo Paradise LLC, lists as its manager Judy Grimanis, an executive assistant for Chicago-based venture capital and private equity firm The Vistria Group, which has ties to Obama, who was born in Hawaii and graduated from Punahou School.

Vistria Group is headed up by Obama’s close friend and golf companion Martin Nesbitt, who is also the president of the Barack Obama Foundation, the organization running the effort to build the Obama presidential library. Honolulu is one of four sites vying to host the center.

Also, documents pertaining to the sale were sent to Seth Madorsky, a partner with Chicago-based Katten Muchin Rosenman LLP who is listed as a donor to the Obama presidential campaign in 2012, according to public records.

The listing for the three-acre property received interest from buyers from all over the world, Worrall, who represented the seller — former Republican state Rep. Eve Glover Anderson — told PBN.

Worrall, vice president of List Sotheby’s International Realty, said that the historic oceanfront home in Waimanalo along Kalanianaole Highway, which was built in 1933 and called “Pahonu,” attained more interest from buyers than any other property she has listed in her more than 50 years in the business.

A website set up to market the property garnered more than 50,000 views.

“It was partly because of the association with Magnum [P.I.],” said Worrall, who worked with her daughter, Elizabeth Worrall Daily, to represent the seller. “So many people were trying to get on the property, even willing to pay me to get on it. I finally reached a point that I had five, six, seven or eight inquiries a week. It was an incredible amount of interest.”

In the end, though, before being sold, the seller reduced the price from $10.5 million to $7.5 million, with the property eventually being sold for $8.7 million to Waimanalo Paradise LLC, which was the least complicated and highest offer, meaning that it was an all-cash transaction.

About a year ago, the property was listed for$15.75 million.

Worrall said that Anderson, whose stepmother was the late Barbara Cox Anthony of the Cox Enterprises fortune, wanted to sell to a buyer who would keep the property mostly how it is and not make any major changes. Developers, who did show interest at first, weren’t in the running in the end.

The estate was called “Robin’s Nest” on the “Magnum, P.I.” series, which ran on CBS from 1980 to 1988 and starred Selleck, who is currently starring in another CBS series, “Blue Bloods,” which airs after another Hawaii-filmed series, “Hawaii Five-0,” on Friday nights.

The 11,054-square-foot home sits on about three acres of oceanfront land, with beach access and a turtle pond.

The property has a total assessed value of about $9 million, according to public records.

Mary Worrall declined to divulge any information on the buyer because of a confidentiality agreement she signed, although she spoke pretty candidly about the property.

She said that Anderson, who has been living at the estate, will be moving to an agricultural lot nearby, where she can have all of her pets with her in a medium-sized home.

The property had been in Anderson’s family for more than 80 years.

“Anybody that loves Hawaii, would love the property,” Mary Worrall said. “It’s a really remarkable property and had remained in the family’s hands for quite a while.”

Duane Shimogawa Reporter – Pacific Business News

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Beachfront Kahala mansion sold, to be demolished

March 10, 2015 By Mark G. Howard Leave a Comment

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

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