Posted at 1:23 p.m., Thursday, January 4, 2007
Barnwell Industries gets $3.8M in Big Island land deal
Advertiser Staff
Barnwell Industries Inc. reported that its majority owned affiliate Kaupulehu Developments received $3.8 million from two companies acquiring development rights to Big Island resort land in installments.Barnwell said Kaupulehu Developments received about $2.44 million from Kaupulehu Makai Venture that was due Dec. 31, 2006 for land slated for residential development around two golf courses within the Four Seasons Resort Hualalai in North Kona. The payment was the sixth of 10 annual payments.
Kaupulehu Makai Venture developed the resort on land owned by Kaupulehu Developments.
Honolulu-based Barnwell also said its affiliate received $1.34 million from WB KD Acquisition LLC for development rights to part of an 870-acre parcel slated for 80 single-family home lots and a beach club next to the resort. That payment is a final minimum payment, though other payments based on a percentage of gross proceeds from lot sales are due as WB sells lots.
Kaupulehu Development also is due other future payments from WB based on a percentage of residential lot sales for the balance of the 870-acre property.
Barnwell owns 78 percent of Kaupulehu Developments, which arranged the piecemeal sale of the 870 acres to WB in 2004 and 2006.
