Updated at 11:47 a.m., Thursday, December 7, 2006
Tatibouet mansion fails to garner minimum $9.8M bid
Advertiser Staff
The Diamond Head mansion of local hotelier Andre Tatibouet failed to attract a $9.8 million minimum bid at a recent bankruptcy auction.The house with six bedrooms, seven full bathrooms and five half baths at 3131 Noela Street has been a tough sell in recent years going back to September 2004 when it was first listed for $19.9 million and later reduced several times.
The city, for property tax purposes, values the house and land at $11 million.
Real estate firms Kennedy Wilson and Coldwell Banker marketed the home Tatibouet had custom-built about five years ago in a plantation style similar to the Lodge at Koele on Lana'i, but the effort failed to attract an acceptable offer.
Emmanuelle Sailor, a spokeswoman for the sale effort, said bids were submitted, but none met the minimum bid. "At this point, they're looking into different options," she said. "I don't know what that's going to be."
Sale proceeds would have paid off some creditors of Tatibouet, who filed bankruptcy last year listing $42.1 million in assets and $68.6 million in debts.
