Another Huge Land Parcel To Go for Major Discount

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.