The successor to Amfac Hawaii LLC is selling Waikele Golf Club two years after fixing up the 18-hole public course.

Chicago-based KLC Land Co. noted in a quarterly financial statement that it contracted to sell the course for $23 million to an undisclosed buyer.

According to the May 14 filing with the Securities and Exchange Commission, the deal was scheduled to be completed May 28, but a person familiar with the sale said the transaction is expected to close next month.

An official with KLC in Chicago could not be reached late yesterday afternoon.

KLC, formerly known as Kaanapali Land LLC, is the successor company to the bankruptcy reorganization of Amfac Hawaii, a subsidiary of Chicago-based Northbrook Corp. that emerged from Chapter 11 in 2003 with about 5,000 acres of Hawai'i real estate after discharging about $330 million in claims by creditors who received equity in the company.

KLC's primary business is using proceeds from land sales to develop about 1,000 acres primarily in Maui's Ka'anapali /Honokowai resort area.

The company also grows seed corn and soybeans under contract and owns property planted in coffee.

Waikele Golf Club was closed for six months in 2006 for major renovations, including an upgrade of its greens to TifEagle grass.

The par-72, 6,663-yard course was designed by Ted Robinson and opened in 1993.