A 13,000-acre property in East Hawaii has been sold for $11.25 million, according to the Pacific Business News.
The property, known as Hilo Mountain Ranch, is located north of Hilo and mauka of Paukaa, Papaikou and Pepeekeo. It initially was listed for $13 million.
The sale closed July 19, and neither the seller or buyer were disclosed, PBN reported.
According to a marketing brochure prepared by Cushman & Wakefield and Sofos Realty Corp., the property is “believed to contain the largest remaining single stand of old growth Koa.”
The brochure listed the following potential uses for the property: “trophy ranch”; development of residential estate; conservation/nature preserve; sustainable forestry and timber production; agricultural development; eco-tourism; recreation: equestrian, horseback trails, hiking, etc.
The brochure also referenced a 2007 study that found Hilo Mountain Ranch contained “an inventory of over 15 million board feet of Koa having the capability of providing a sustainable timber production valued at $31 million.”
Much of the property is designated as forest reserve and falls under the jurisdiction of the Department of Land and Natural Resources (DLNR), according to the brochure.
Source: Hawaii Tribune Herald