$34 million Kahala sale sets record
Three vacant oceanfront lots on Kahala Avenue have been sold for $34 million, setting a new record for residential real estate in Hawaii.
The 2.76 acres at 4415, 4423 and 4433 Kahala Ave. were sold to a single buyer, according to Patricia Choi of Choi International, the seller's agent.
The three lots, which combined have more than 350 feet of ocean frontage, were listed in June for $40 million, and went into escrow within 30 days, Choi said. The sale closed on Thursday.
"It's a record for the state of Hawaii for a residential estate," she said.
The buyer, whom Choi would not identify, plans to build a home on the lots, Choi said.
"They're not going to fill up the place. They buy that size land for privacy and space," she said. "It is a trophy property -- it will be the largest single estate on the avenue."
Choi said she had assembled the three parcels for the seller, identified in public records only as the Barham Trust of Los Angeles, for a total of $25 million about two years ago.
"So he was happy" with the sale, she said.
Choi would not say where the buyer is from, only that he or she is not from the United States or Japan.
The previous record for a residential sale in Hawaii was set July 31, with the $24 million sale of two homes on Kailuana Place in Kailua, sold by Tracy Pflueger of Coldwell Banker Pacific Properties.