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The Honolulu Advertiser
Posted on: Tuesday, August 1, 2006

Kailua home, guest house go for $24 million

By Andrew Gomes
Advertiser Staff Writer

The rear exterior of the home at 145 Kailuana Loop can be seen from Kailua Beach. That home sold, along with an adjacent guest house.

Coldwell Banker Properties

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A pair of resortlike homes fronting Kailua Beach set a residential property sales record for Windward O'ahu yesterday in a $24 million transaction.

The main house and "guest house" of Honda Windward owner Morrie Stoebner sold to an unidentified buyer through Coldwell Banker Pacific Properties.

"It's a mini-Four Seasons ÷ it's that caliber," said Tracy Pflueger, the Coldwell Banker agent who represented the buyer in the deal.

Coldwell Banker said the sale was a record for residential property in Windward O'ahu, though single homes in the area have sold for more than $10 million, and higher in other parts of the Island, including in Kahala where a house built in 1988 sold this year for $29 million.

According to property records, Stoebner bought adjacent lots at 145 and 151 Kailuana Loop in 1999 for $3 million, and spent more than an estimated $3 million building the homes designed by architect James McPeak.

The property, dubbed Kailuana Estates, covers 255 linear feet of beach frontage, which gives the 60,000-square-foot parcel much of its value.

The main house is 11,588 square feet with six bedrooms, four bathrooms, two half-baths and a pool. The neighboring 7,286-square-foot "guest house" has four bedrooms, four bathrooms, a tennis court, gym and sauna.

Coldwell Banker had listed the combined property for $27 million, or $30 million separately ($16 million for the main house and $14 million for the smaller home).

Reach Andrew Gomes at agomes@honoluluadvertiser.com.

Correction: Coldwell Banker Pacific Properties agent Tracy Pflueger represented the seller of Kailuana Estates. The buyer's agent was Joan Graham, also of Coldwell. Pflueger was misidentified as the agent for both sides in a previous version of this story.