KONA, HI-Just a few days ago, GlobeSt.com reported on a deal where in 2005, offers ranged from $55-million to $70-million on a 300-acre parcel of entitled land that changes hands for only $3.5 million at a public auction. While not as dramatic a decrease, a similar parcel in Hawaii is singing a similar tune—660 acres, previously at purchased for $26 million, now listed at $5 million.
That particular development parcel is in South Kona, HI—a site known as Keupuka Lands. The parcel will be auctioned by New York City-based Racebrook Marketing Concepts, and its auction affiliate Sheldon Good & Co. Racebrook tells GlobeSt.com that Pacific Star is the owner of the property. GlobeSt.com learns that in 1990, some of the principals behind Pacific Star purchased the land from a private party, however, reasons for selling at this time could not be disclosed by deadline.
Zoned for more than 100 five-acre lots, Keopuka is an opportunity for a developer, investor or private buyer seeking to acquire prime land at an incredible discount to market value, according to Racebrook Marketing. Previously traded for $26 million, Keopuka will be offered via sealed-bid auction with an opening bid set at $5 million.
Keopuka runs from sea level to more than 1,300 feet in elevation. According to Racebrook, that elevation creates “a rich and varied topography for a buyer.”
The property contains a 185-acre conservation easement on its ocean frontage that has been deeded to the Hawaii Island Trust. To the north of Keopuka lies Hokulia, a multi-phase luxury residential development that includes one of the island’s premier 18-hole golf courses. In addition, Keopuka is located along Highway 11/Hawaii Belt Road, approximately 18 miles south of Kona International Airport and 11 miles south of the historic Kailua-Kona town.
According to Racebrook CEO John Cuticelli, “This is a rare opportunity to purchase a substantial and undivided assemblage of beautiful land with development potential at a fraction of its previous transaction price.”
Known as the “Big Island of Hawaii” the area is the largest of the archipelagos comprising the state and home to the world’s largest volcano, and Hawaii Volcanoes National Park, the largest park in the state. Other attractions on the Kona coast include sports fishing, snorkeling, scuba diving and kayaking. In addition, the seaside Kailua-Kona town offers an impressive array of shops, restaurants and nightlife, with access to world-class resorts and golf courses.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
Natalie Dolce
Natalie Dolce, editor-in-chief of GlobeSt.com and GlobeSt. Real Estate Forum, is responsible for working with editorial staff, freelancers and senior management to help plan the overarching vision that encompasses GlobeSt.com, including short-term and long-term goals for the website, how content integrates through the company’s other product lines and the overall quality of content. Previously she served as national executive editor and editor of the West Coast region for GlobeSt.com and Real Estate Forum, and was responsible for coverage of news and information pertaining to that vital real estate region. Prior to moving out to the Southern California office, she was Northeast bureau chief, covering New York City for GlobeSt.com. Her background includes a stint at InStyle Magazine, and as managing editor with New York Press, an alternative weekly New York City paper. In her career, she has also covered a variety of beats for M magazine, Arthur Frommer's Budget Travel, FashionLedge.com, and Co-Ed magazine. Dolce has also freelanced for a number of publications, including MSNBC.com and Museums New York magazine.
