13,000 acres of koa forest on Big Island to be auctioned
HILO, Hawaii — A public foreclosure auction is to be held June 10 for more than 13,000 acres of koa forest on the Big Island.
The auction involves the default of millions of dollars in loans tied to a failed logging venture.
Hawaii Forest Preservation of Oahu borrowed $8.7 million that was due to be paid in 2006. A court-appointed commissioner, Joel LaPinta, says the company owed $6 million as of March 19.
LaPinta says when the property is sold, Hawaii County will get nearly $400,000 in overdue taxes, penalties and interest.
The auction is set to be held at the Circuit Court Building on Oahu.
The timber project was announced in 2001, but it faced community opposition and delays in obtaining state approvals.
Information from: Hawaii Tribune-Herald, http://www.hilohawaiitribune.com