Mega yachts owned by Paul Allen and Britain’s richest woman docked in Honolulu

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Feb 4, 2014, 2:39pm HST UPDATED: Feb 5, 2014, 3:23pm HST
Bill Cresenzo Reporter – Pacific Business News

Paul Allen's yacht, Meduce, is seen in port at Honolulu Harbor.

Paul Allen’s yacht, Meduce, is seen in port at Honolulu Harbor.

A pair of mega-yachts owned by two of the world’s richest people, Microsoft co-founder and Super Bowl champion Seattle Seahawks owner Paul Allen and former Miss UK Kirsty Bertarelli, are in port at Honolulu Harbor.

The Vava II, a 314-foot yacht that cost a reported $60 million to build and was commissioned by billionaire Ernesto Bertarelli for his wife, Kirsty — who’s known as “Britain’s richest woman” — was in port Tuesday, along with the Meduse, which was built for Allen in 1996.

No word on whether Kirsty Bertarelli or Allen, whose Seahawks will be feted at a parade on Wednesday, are also in Hawaii.

The Vava II has a helicopter pad, six decks and a beach club.

The 199-foot Meduse, which is listed for sale with Fraser Yachts for $34 million, can hold 12 overnight guests and has a movie theater, a gym, two staterooms on deck, four guest suites and a nanny cabin.

When reached by phone, Stuart Larson, a Fraser Yacht agent listed as representing the seller of Meduse, said his company “does not make any comments to the press whatsoever” regarding the company’s listings.

About a year ago, another yacht owned by another billionaire, Lanai owner Larry Ellison’s 288-foot Musashi, also spent some time in port in Honolulu.

Also on Tuesday, Microsoft Corp. (NYSE: MSFT) named a new CEO, Satya Nadella, for the company that Allen cofounded with Bill Gates.

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Luxury homes on Oahu priced between $1M and $3M see strong Q3 sales

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Luxury homes on Oahu priced between $1M and $3M see strong Q3 sales
Oahu’s luxury home market experienced strong sales of single-family homes priced between $1 million and $3 million.

Sales of homes priced $1 million to $2 million increased nearly 50 percent from July through September, compared to the third quarter of 2012. Year-to-date, 330 homes were sold in this price range through the end of September, which was nearly double the number sold in all of 2012, the report said.

Additionally, the number of homes priced between $2 million and $3 million sold during the quarter rose 33 percent compared to the same time period last year. Year-to-date sales in this price range were about 70 percent of 2012 sales.

Even some higher price ranges performed well, according to the report, which pointed out that the $5 million-and-above range saw sales rise 10 percent above 2012 levels.

Meantime, sales of condominiums in the $800,000 to $1 million range were 78 percent higher in the third quarter than during the same time period last year, and have already exceeded the number of sales in 2012 by 12 percent.

The number of condos sold for more than $1 million was 62 percent higher when comparing year-over-year totals, surpassing overall 2012 sales by 4 percent.

In terms of foreign real estate investment on Oahu so far this year, Japan remained in the top spot for both the $1 million to $2 million segment, and the $2 million-and-above price range with triple the number of homes sold as well as triple the dollar value of sales of other countries on the top four list combined, the report said.

Brazil made the list for the first time in the $1 million to $2 million category. In the $2 million-and-above segment, Hong Kong came in second with two homes sold and China joined the list for the first time since 2010.

“The second-home market on Oahu has returned, as evidenced by increased sales activity, particularly among single-family homes priced between $2 million and $3 million as well as the many new luxury condo units that are sold out,” Kahala Associates Broker-Owner Myra Brandt said in a statement. “We have seen stable demand and a declining inventory for single-family homes and condos, resulting in stiff competition and sometimes multiple offers. This puts pressure on home values, and it has been forecast that the median single-family home price is heading toward the $1 million range.”

But not all luxury market price ranges fared well in the third quarter, the number of sales in the $3 million to $5 million range declined by 10 percent, when comparing year-over-year numbers.

 

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Alexander & Baldwin removing, selling Kawamoto’s Kahala Avenue statues

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Sep 30, 2013, 2:54pm HST Updated: Sep 30, 2013, 3:26pm HST

Duane Shimogawa  |  Reporter- Pacific Business News

The dozens of statues that once covered Japanese billionaire Genshiro Kawamoto’s Kahala Avenue properties in East Honolulu are being removed and will be sold, according to a source close to the situation.

Statues are seen at a Kahala Avenue property formerly owned by Japanese billionaire Genshiro Kawamoto, who sold all 27 of his Kahala properties to Alexander & Baldwin Inc. for $98 million. A&B is in the process of removing the statues, which will be sold.

Statues are seen at a Kahala Avenue property formerly owned by Japanese billionaire Genshiro Kawamoto, who sold all 27 of his Kahala properties to Alexander & Baldwin Inc. for $98 million. A&B is in the process of removing the statues, which will be sold.

Alexander & Baldwin Inc., which is buying Kawamoto’s Hawaii properties for $98 million — including 27 along Kahala Avenue, known by some as the Beverly Hills of Hawaii — said that it is proceeding with the cleanup of the properties, but has no further comment at this time on the progress of those activities.

The source also told PBN that the Honolulu-based high-end landscaping company called Performance Landscapes has been contracted by A&B to do the clean-up work, which includes dropping trees, clearing rubbish as well as removing those highly visible statues.

“They sold some statues and they donated some of the money,” the source said. “Right now, they’re being moved to another property.”

The source also pointed out that some people have shown interest in purchasing the statues, mainly wanting a piece of Kawamoto history to add to their collections.

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Hawaii mansion once owned by TV producer Al Masini sells for $10M

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Sep 30, 2013, 10:24am HST

Duane Shimogawa  |  Reporter- Pacific Business News

A Honolulu mansion once owned by the late television producer Al Masini has been sold for about $10 million to a Japanese business owner, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

A mansion that once belonged to the TV producer Al Masini sold for $10 million to a Japanese buyer, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

A mansion that once belonged to the TV producer Al Masini sold for $10 million to a Japanese buyer, the most expensive home sale ever recorded for Hawaii Loa Ridge in East Honolulu.

Known as “Hiilani,” which means “in the arms of heaven” in Hawaiian, the property, built in 1996 and located at 1133 Ikena Circle, was listed in 2012 for an asking price of $12.5 million.

It consists of three adjoining parcels of land and encompasses 16,000 square feet of indoor/outdoor living space on a 30,000-square-foot lot that has sweeping views of Kahala and Diamond Head.

Masini, a recipient of an unprecedented 33 Emmy Awards, was responsible for such shows as “Entertainment Tonight,” “Lifestyles of the Rich and Famous” and “Star Search.”

The sale of 1133 Ikena Circle marks the seventh property in two years to sell for more than $10 million on Oahu.

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A&B buys Kawamoto’s Kahala properties for $98M, putting them on the market immediately

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Sep 10, 2013, 10:56am HST Updated: Sep 10, 2013, 11:36am HST

Janis L. Magin  |  Managing Editor- Pacific Business News

Alexander & Baldwin’s property arm said Tuesday that it has acquired 27 residential properties in Honolulu’s oceanfront Kahala neighborhood, along with properties in Windward Oahu and on Maui, from Japanese billionaire Genshiro Kawamoto for $98 million.

Alexander & Baldwin’s property arm said Tuesday that it is acquiring 31 residential properties in Honolulu’s Kalaha neighborhood from Japanese billionaire Genshiro Kawamoto for $98 million. Seen here is one of the properties along Kahala Avenue.

Alexander & Baldwin’s property arm said Tuesday that it is acquiring 31 residential properties in Honolulu’s Kalaha neighborhood from Japanese billionaire Genshiro Kawamoto for $98 million. Seen here is one of the properties along Kahala Avenue.

A&B Properties said 27 of the homes are located along Kahala Avenue between Diamond Head and the Waialae Country Club, half of which have ocean frontage or beach access.

A&B (NYSE: ALEX) plans to fix up the homes, which have fallen into disrepair under Kawamoto’s ownership, and reposition the properties to take advantage of the current real estate market.

“The opportunistic acquisition of this highly coveted residential land portfolio in Hawaii represents a significant investment in a key Oahu market and reflects A&B’s confidence in Hawaii’s economy and real estate markets,” Chris Benjamin, A&B’s president & chief operating officer, said in a statement. “From a strategic perspective, the transaction highlights our competitive strengths in Hawaii.”

Benjamin said Honolulu-based A&B was able to “leverage our local market knowledge and relationships to complete an off-market transaction at attractive pricing.”

The assessed values for the land only on the Kahala properties totals $117.6 million, according to city tax records, A&B said.

Rumors of a bulk sale surfaced last week, but the rumored buyer was said to be in Japan. The A&B acquisition fits with the kamaaina company’s strategy of reinvesting in the Hawaii market.

“Our experience and balance sheet strength allowed us to negotiate and close the all-cash deal in less than 90 days, once the seller indicated a willingness to sell, and we anticipate achieving investment returns consistent with our past Hawaii investments,” Benjamin said.

A&B Properties Executive Vice President Michael G. Wright noted that A&B has now acquired nearly 90 percent of the current inventory in Kahala, one of Honolulu’s oldest, priciest and most prestigious neighborhoods that attracts local executives as well as well as international buyers.

“We will be focused on cleaning up these properties, and anticipate a full recovery in property values,” Wright said in a statement. “This acquisition is truly a once-in-a-lifetime opportunity, and we are gratified to see our efforts come to fruition.”

Sales of the properties will start immediately, and A&B expects them to sell over a three- to five-year period.

The portfolio includes the 27 Kahala Avenue properties, which encompass 13.7 acres; two residential lots and a preservation-zoned parcel in Windward Oahu and a 146-acre agricultural-zoned parcel in Kihei, Maui.

The 27 Kahala Avenue properties include eight oceanfront lots, one oceanfront home, five nonoceanfront lots and one home located on the makai, or oceanside, side of Kahala Avenue, amd six homes on the mauka, or mountain, side of the street.

Benjamin also has said A&B is interested in acquiring another large Hawaii real estate portfolio — the Kaneohe Ranch properties, which include most of Kailua town.

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Japanese billionaire Kawamoto may be selling — or has sold — his Hawaii properties

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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.

Japanese real estate investor Genshiro Kawamoto

Japanese real estate investor Genshiro Kawamoto

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.

 

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