Ritz-Carlton Residences, Kapalua Foreclosure Auction December 3, 2012
By Courtney Brown, Realtor (S) Vice President, Live a Maui Life!
(Island Sotheby's International Realty)
I attended the foreclosure for the Ritz-Carlton Residences, Kapalua Bay today, which took place today on the courthouse steps in Honolulu. With just two bidders, the opening bid was Ritz Carlton Development, with an opening bid of $52 million. The second and highest bid was Island Acquisitions, with a bid of $55 million. This is for the bulk purchase with no separate or individual sales of 56 residential and 5 commercial fee simple apartments in the “Kapalua Bay Condominium” 567 club interests in the Kapalua Bay Vacation Ownership, Project consisting of undivided 1/12 interests in various condominium units (which specific units are available upon request) Leasehold interest for the parcel known as “The Shops at Kapalua Parcel” Certain contract rights known as the ML&P Agreements dated...
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