Hawaii’s price spike continued this week when a beachfront property on the Big Island sold for $33.75 million – a record for the region.
The Wall Street Journal reports that the vacant 3.7-acre lot in the gated Kaupulehu neighborhood comes with plans for an 18,600-square-foot Paul McClean-designed mansion that includes a free-standing guesthouse and swimming pool.
The property was purchased by an LLC related to Bay Area investor John Warren and his wife, Stephanie Warren, according to the report, and the seller is a company related to commercial real estate developer Carl Panattoni, the founder of Panattoni Development.
Listing agent Carrie Nicholson of Hawai’i Life told the newspaper that Panattoni bought the three adjoining lots on the island’s west coast for a total of $24.5 million between 2006 and 2007. After hiring l Californian architect McClean to design a house for him there. , he then decided to spend more time at his home in Florida.
Or, it could just be a good time to sellwhile Hawaii becomes the favorite place for billionaires to settle.
Wall Street and tech icons, including Facebook founder Mark Zuckerberg, eBay founder Pierre Omidyar, Salesforce architect Marc Benioff, Starbucks honcho Howard Schultz, Amazon launcher Jeff Bezos and venture capitalist Peter Theil are now all full-time residents of Aloha State – where sales of properties costing $10 million or more have increased six-fold over the past year.
The big moves of the big players have come despite the local government of the 50th state offering no financial incentive for such a move – instead relying on the islands’ natural beauty, year-round good weather and the distance from the mainland, which confers a certain intimacy to those who live there.
The previous sales record for the state’s eponymous large island was a $30 million deal for a much larger stretch of land – 130 acres – in 2006, according to the report.
[Wall Street Journal] — Vince DiMiceli