Posted on: Wednesday, November 10, 2004

Death of Damon heir signals the end of trust

By Andrew Gomes
Advertiser Staff Writer

Joan Damon Haig, the last living grandchild of Samuel Mills Damon, died yesterday in New Jersey, triggering a winding down of the Honolulu-based Damon Estate.

About 20 beneficiaries in the Damon line stand to receive millions of dollars each in proceeds from liquidating the trust's assets, though an appeal is pending in state Supreme Court over how to divide such proceeds.

The Damon Estate, which until recently was Hawai'i's fourth-largest private landowner, has been preparing to wind down operations in recent years. Last year, it sold its most valuable land holdings, 224 acres of commercial property on O'ahu, for $480 million, and moved the proceeds into more liquid investments in anticipation of distribution needs. Some property would likely still need to be sold under an orderly termination process.

The trust was created upon the death of Samuel Mills Damon in 1924, and was designed to end upon the death of his last grandchild. Haig was in her 80s.

Damon was the son of a missionary, and a partner in First Hawaiian Bank forerunner Bishop & Co.

The trust's property at one time included Kahuku Ranch, more than 100,000 acres of Big Island land, 7,000 acres on O'ahu and a large stake in First Hawaiian Bank.

Reach Andrew Gomes at agomes@honoluluadvertiser.com or 525-8065.