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Scott Innes R(S)

Makena Resort Foreclosure goes to the Lender for $55 Million

Maui Real Estate Makena

Makena Beach & Golf Resort - former Maui Prince Hotel

The ongoing saga of the Makena Resort reached another milestone today in the foreclosure auction at Maui County’s Wailuku Courthouse. Approximately 50 people showed up to watch the auction proceedings held by the Court appointed Commissioner, Chris Lau. There were only 2 registered bidders at the auction – the lender (Wells Fargo Trust) and another unnamed bidder. The sale was quick and ended within 2 minutes of opening the bidding at $40 million. The final winning bid by Wells Fargo Trust came in at $55,000,000. Wells Fargo Trust represents the creditors who are owed approximately $200,000,000 in outstanding debt and accrued interest. The sale must be finalized at a court confirmation hearing before the Judge Shackley F. Raffetto in appoximately 30-45 days. This is not the end of the story as the Judge may open up bidding at the court confirmation hearing as long as there is a buyer willing to pay at least 5% above the winning bid price.

Maui real estate for saleThe approximately 1800 acre Makena Resort includes the 310 room former Maui Prince Hotel (now under court receivership and renamed the Makena Beach & Golf Resort) along with the Makena North Course – an 18 hole Robert Trent Jones, Jr. designed golf course, the Makena South Course which is now closed and needs to be renovated, a golf clubhouse, pro shop, driving range, Makena Tennis Club, three restaurants and bars, 2500 square feet of meeting space, hiking trails and approximately 1,300 acres of vacant land. The sale is subject to resolution of a outstanding lawsuits by neighboring property owners.

The SaveMakena.org group showed up with signs promoting the protection of the Makena Resort. Hopefully whomever ultimately ends up with the property will consider the history and culture of the area and will care for the land -Malama the Aina.

Malama the AinaEverett Dowling in partnership with Morgan Stanley purchased the resort at the peak of the market in 2007 for $575,000,000. After defaulting on the mortgage Wells Fargo Trust became the receiver in August of 2009. Although the sale is not final until court confirmation it is likely the resort will have a new owner for pennies on the dollar of what it sold for in 2007.

For photos of the Makena Resort properties visit Makena Resort photos

For information on Maui real estate and property for sale visitMaui real estate


Dramatic Oceanfront Lots in Makena Maui

The Makena coastline is beautiful. Rocky outcroppings of lava with intermittent crescent shaped white sand beaches at Maluaka, Makena Landing, Makena Surf, Poolenalena, and Palauea. Facing west with views of the outer islands of Kahoolawe, Molokini, and Lanai the views along the Makena coast at sunset are dramatic. It's a wonderful place to have a home on the ocean. If you are looking to build something unique 4 adjacent lots in Makena on the ocean are for sale. Lot 1 has 110 ft of ocean frontage at approx. 20,016 sq.ft. offered at $5,985,875, Lot 4 is Makena Point with 180 degrees of views at 41,029 sq.ft. for the same price. Both lots are R-3 zoning and allow for a main house and a detached cottage. Lots 2 and 3 are available as well. For more information or to schedule a preview call me at (808) 344-0294 or visit http://www.mauirealestateadvisor.com

5000 Makena Maui Oceanfront Vacant Lot for Sale

If you'd like to purchase a home on the Makena coast check out Makena Place #6, offered at $9,900,000. For more information visit http://www.mauirealestateadvisor.com/MakenaBeachfrontEstate

4950 Makena Road, Makena Place #6

4950 Makena Road, Makena Place #6

Almost Oceanfront in Napili Maui

Almost oceanfront in Napili, this home was completed in 2009 with 3 bedrooms and 4.5 baths. Set on a 14,986 sq.ft. lot it has deeded view corridors to the ocean with privacy and outdoor living space. It is being offered at $5,200,000. Click on the following to view more photos of the property

To preview all oceanfront homes for sale on Maui visit http://www.mauirealestateadvisor.com/Maui_Oceanfront_Homes

Luxury Oceanfront Jewel at Kahana - A Stunning Residence

Now that the winter selling season is in full swing I've been previewing oceanfront homes for clients. Yesterday I saw this Jewel of Kahana which sits on 1/2 acre of prime oceanfront property between Kaanapali and Kapalua. Completed in December 2009 it has 9000 sq. ft. of interior space with 7 oceanfront master suites and a 1 bedroom ohana (guest house). This is the epitome of Pacific Rim architecture. Walls of glass disappear opening up to the tropical outdoors from every room. There is a grand living and dining area with a state-of-the-art gourmet kitchen. A floating mezzanine soars above the great room featuring a sports bar with game tables. The home appears to float in an oceanfront pool complete with spa and waterfalls. This luxury residence for the discerning buyer is offered at $14,900,000. For more information or to schedule a preview call Scott Innes at (808) 344-0294 or visit http://www.mauirealestateadvisor.com/OceanfrontHomesWestMaui

Select any of the following photos to see the complete gallery

Ancient Hawaiian Fishpond Ko'ie'ie on Maui

If you are interested in Hawaiian history and the aquaculture in Hawaiian society you will enjoy a visit ot Ko'ie'ie Fishpond in Kihei Maui. Ko'ie'ie is located next the the Hawaiian Islands Humpback Whale National Marine Sanctuary in North Kihei. The Marine Sanctuary has a museum and offers lectures on whales and marine life in Hawaii. From December through April the Humpbacks are here from Alaska to mate and have their young. You can see an abundance of whales during season. To see more photos of Ko'ie'ie Fishpond visit Kalepolepo and Ko'ie'ie Fishpond

Ko'ie'ie Fishpond Kihei Maui

Hawaiian Islands Humpack Whale National Marine Sanctuary

Hawaiian Islands Humpack Whale National Marine Sanctuary

Hawaiian Islands Humpack Whale National Marine Sanctuary

Kalepolepo Village - Ancient Hawaiian Village

Ko'ie'ie Fishpond Kihei Maui

Ko'ie'ie Fishpond Kihei Maui

If you are looking for maui real estate contact Scott J. Innes at (808) 344-0294 or visit http://www.MauiRealEstateAdvisor.com/SouthMauiRealEstate