Buyer bids for Parker Ranch complex

By Hugh Clark
Advertiser Big Island Bureau

WAIMEA, Hawai'i — Negotiations are under way between Parker Ranch and a potential buyer for the 17,000-square-foot Parker Square commercial center.

If the sale goes through, it would be the third major sale of ranch assets since owner Richard Smart died in 1992.

Parker Ranch spokeswoman Diane Quitiquit yesterday confirmed that the ranch had received an unsolicited offer for the two-story, 22-unit complex of offices and retail businesses. She would not disclose who the potential buyer is or the amount of the offer.

The 164-year-old ranch has been one of the Big Island's most stable business operations.

At the time of his death, Smart, whose family had run Parker Ranch for six generations, was worth $450 million and had made Forbes magazine's annual list of wealthiest Americans.

Hefty estate taxes forced the ranch trustees who succeeded him to sell for $3.5 million a key parcel known as "Cowboy Beach" near 'Anaeho'omalu that the family had set aside for the enjoyment of ranch employees.

Later, the trustees sold off millions of dollars of rare European paintings from Smart's art collection to further retire the tax debt.

None of the three trustees was available for comment yesterday.

Smart directed that after his death a trust be established to sustain four major beneficiaries: North Hawai'i Community Hospital, Hawai'i Preparatory Academy, Parker School and the Hawai'i Community Foundation.