Business

‘Waterfalling Estate’ Sells for Record Shattering Price

January 8, 2016, 12:16 PM HST
* Updated January 8, 2:15 PM
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Photo credit: Hilo Brokers, Ltd.

An East Hawai’i estate, termed “Waterfalling Estate” was sold for $6.8 million by Kelly Moran of Hilo Brokers, Ltd. The sell price is a record breaking number in East Hawai’i, according to the selling agent.

The multi-million dollar oceanfront estate won’t stay in the purchaser’s possession long, however, as the property is being put back on the market as a high-end retreat.

“This falls under the category of uber-luxe destinations,” said Moran.

Located within the Waikaumalo-Maulua Homesteads in Ninole, the estate spans just less than 9.5 acres and is bordered by two natural streams.

The tri-level mansion encompasses 10,942 square feet and has waterfall and ocean views from every bedroom. A glass-encases pneumatic elevator runs all three floors.

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Outside, the golf-style landscaping meets a Olympic-sized infinity pool and a 500-seat tennis stadium.

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.”We’ve seen a surge in demand for income property here from investors in the U.S. and particularly Asia,” described Moran, who previously sold the estate for $5.75 million in 2013.

The interest in retreat style properties could be an indicator of improving economic conditions, according to Moran, who also thinks the Big Island’s natural beauty is it’s own draw.

“We’ve got unbelievable beauty here and a really lush environment,” Moran said. “The Big Island offers a pure version of the Hawai’i experience that you just can’t find in places like Waikiki.”

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The new owner, according to Moran, was drawn in by those reasons.

“We did a tour of the property for the Discovery Channel last year during the sale, which is how the buyer spotted it,” Moran said.

Since 2012, the estate has drawn in media attention for its dramatic cliff-side construction and stories-high oceanfront waterfalls.

In 2013, the property was originally on the market for 2013. The estate was purchased by a Kansas City-based entrepreneur and property collection later at auction. In early April, the estate was put on the market at $8.2 million.

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Photo credit: Hilo Brokers, Ltd.

Photo credit: Hilo Brokers, Ltd.

Photo credit: Hilo Brokers, Ltd.

Photo credit: Hilo Brokers, Ltd.

Photo credit: Hilo Brokers, Ltd.

Photo credit: Hilo Brokers, Ltd.

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