Kawananakoa traces her ancestry to Queen Emma and King David Kalakaua and is a great-granddaughter of James Campbell. She is a well-known local philanthropist, a champion horse breeder and a former president of the Friends of Iolani Palace.

Other beneficiaries include Quentin Kawananakoa, a former state representative running for the U.S. House seat now held by Ed Case. He will receive 1.25 percent or about $25 million.

The Advertiser's attempts to get comment from the six major beneficiaries were not successful.

Stevenson said she did not want to discuss the distributions. Shingle, Lighter and Marignoli did not return calls. Kawananakoa and Olson could not be reached.

Founded in 1900, the Estate of James Campbell is a private, for-profit trust set up by the will of Scottish carpenter James Campbell to benefit his heirs.

Under the terms of Campbell's will, the trust ends 20 years after the death of his last surviving daughter, which occurred on Jan. 21, 1987.

REAL-ESTATE EMPIRE

Unlike the Damon Estate, which sold off nearly all of its assets and will eventually close its doors, the Campbell Estate has created a successor company, James Campbell Co. LLC, which will assume ownership of the trust's real-estate portfolio.

Most of the estate's beneficiaries will get their distributions in the form of shares in the successor company, although some have opted to take cash or a combination of cash and stock. The beneficiaries can sell their shares, with some restrictions, or borrow against them.

Former trust officials and one former court-appointed master of the Campbell Estate said the generous payouts underscore decades of astute financial and corporate planning on the part of the Campbell Estates' executives.

During the 1950s and 1960s, the estate began transforming itself from an agricultural landowner to a commercial real-estate company by building industrial parks and other commercial projects, said Wade McVay, who served as the Campbell Estate's CEO during the 1960s.

The trust later sold much of its residential leasehold properties, bringing in a huge cash infusion which was reinvested in commercial properties in Hawai'i and the Mainland, added Stender, who now serves as a trustee of the Office of Hawaiian Affairs.

"They've gone from a plantation luna mentality to a very well-run real-estate empire. They've hired good people and made good, solid investments," said Thomas Foley, who served as a court-appointed master for the Campbell Estate during the 1980s.

"This is a good example where the beneficiaries' interests have been properly safeguarded."

FINANCIAL PROBLEMS

Despite the Campbell family wealth, several beneficiaries have had well-publicized financial problems over the years.

In 2003, Campbell heir Fred Trotter filed for Chapter 7 bankruptcy protection to fend off creditors from his company, Koolau Agricultural Co., which developed water resources in Punalu'u Valley in Windward O'ahu.

Trotter, who also served as trustee of the estate from 1970 to 1991, is entitled to about $25 million when the estate terminates.

Bankruptcy Court records showed that Trotter owed about $10 million to several creditors, including his mother, Muriel Sutherland, who lent him $1 million before she died in 2003.

Bankruptcy Judge Robert Faris discharged Trotter from his liabilities. Trotter did not return calls to his office.

Trotter's relative Abigail Kawananakoa filed for Chapter 11 bankruptcy in 1997 after the Internal Revenue Service claimed she owed about $5 million in back taxes, interest and penalties.

In her court filings, Kawananakoa said the IRS actions would have forced her to liquidate her assets and give up her business ventures.

At the time, Kawananakoa's bankruptcy lawyers said she received disbursements of $5 million from the Campbell Estate in 1994 and another $4.6 million in 1995. More than 30 of the Campbell Estate's beneficiaries, including Kawananakoa, receive a share of the trust's annual income.

Kawananakoa settled with the IRS after she obtained a $7.75 million loan commitment from Bank of Hawaii to pay the creditors. She later withdrew her bankruptcy filing.

The Campbell wealth has also attracted interest from at least one alleged imposter.

In 2004, the IRS thwarted a Pennsylvania woman from posing as Abigail Kawananakoa and claiming $2.1 million in tax refunds that Kawananakoa was owed.

The woman, Abigail Roberts, used Kawananakoa's Social Security number to illegally obtain tax refunds from money that Kawananakoa deposited with the IRS for her estimated income taxes.

Using seizure warrants, the IRS was able to retrieve most of Kawananakoa's money from Roberts' bank account. Federal prosecutors did not file criminal charges against Roberts.