Kauai Estate Sells for $28m

Kauai has been the home of one of the highest-priced luxury listings in nation for over 5 years, the famed Papaa Bay Plantation was originally listed for sale in June of 2007 for $46.5 million.  Last Thursday, the estate sold for $28 million.

The estate includes 147 acres of land on Kauai’s northeast shore. The main residence is 15,000 square feet, with 6 bedrooms, and 8+ bathrooms.  Also included are two “guest bungalows” of 4000 square feet (each) and a 3-bedroom caretaker’s home.  And, of course, a swimming pool, beach cabana, yoga studio, horse stables, and multiple barns.

It’s no secret that the estate’s former owner is the Hollywood producer Peter Guber of Mandalay entertainment. That said, the lack of media surrounding the sale is interesting. According to Kauai’s ‘coconut wireless’, the buyers aren’t celebrities, or household names. And, perhaps more importantly, they’re also apparently not developers.

Despite the sale price of $28 million, the Papaa Bay Plantation still doesn’t represent the highest residential sale in the State of Hawaii.  That title still rests with the sale of an estate overlooking Hapuna Beach on the Big Island’s Kohala Coast, which sold for $29 million in 2007.

The sale of Papaa Bay, which was listed for sale at $39.5m, means that the highest-priced home in Hawaii is now on Oahu, in Kailua.  We’ll keep an eye on that one, of course.