Waterfalling Estates Falls Short At Auction
The spectacular Hamakua coastal estate that owners wanted more than $26 million for less than a year ago sold at auction on March 22 for less than $6 million.
Waterfalling Estates, with an 8,100-square-foot mansion, golf course and tennis courts, a pair of helipads and views overlooking waterfalls and the coastline, was listed for $26.5 million for months before it was put on the auction block.
Hilo Brokers’ owner Kelly Moran, who brokered the deal for the sellers, said “a well-to-do couple from the Midwest” bought the property for their second home at $5.75 million plus several hundred thousand in auction fees.
Moran declined to name the couple. The County Real Estate Division said it does not have information yet on the transaction from the Bureau of Conveyances to post on its web site, a spokeswoman said.
The sellers, Scott Watson, Laurie Fraser Robertson and Charles Floyd Anderson, were “very disappointed with the results,” said Moran. A combination of factors led to the low bid, including the sellers’ “high-risk” decision not to set a reserve, or minimum, bid price.
“It’s unfortunate,” he said. “The(y) underestimated the auction process.”
According to the county tax office, the 9-acre property was last purchased on the open market in 2006 for $650,000. County permits have since been issued for more than $3 million in improvements to the property.
The initial $26.5 million listing price on the property was “untested,” or high, for the Hamakua Coast real estate market, but was also the owners’ decision, Moran said.