Kauai luxury homes fetch $5.6M
California-based investment firm Kennedy Wilson reported auctioning six model homes in a troubled Kauai luxury home subdivision for almost $1 million apiece.
The company said it was pleased with the results from the Dec. 28 auction attended by 100 interested parties including online bidders. The homes at the Wainani at Kiahuna subdivision sold for a collective $5.6 million. Kennedy Wilson acquired the homes at an October foreclosure auction along with 63 undeveloped lots for $12 million.
Wainani was planned in 2006 by local development firm Maryl Group in partnership with an affiliate of insurance giant American International Group, or AIG, which intended to sell 70 homes around Kiahuna Golf Club for about $2 million each. But only one home sold, for $1.65 million, in mid-2008 before the project went into foreclosure.