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Half of Downtown Kailua Up For Sale

Half of Downtown Kailua Up For Sale

Half of downtown Kailua and other assets of Kaneohe Ranch and the Harold K. L. Castle Foundation are up for sale. And, an unidentified public company has agreed to pay $262 million for the property.  The 600 acres includes the 38-acre retail center of Kailua and could reshape the vision and future for much of Windward town. The deal could mean big payouts for many local families who are beneficiaries of Kaneohe Ranch subsidiaries and ranch employees. But, one beneficiary -- Jeremy Baldwin -- filed a petition Friday asking a Circuit Court judge to postpone a vote scheduled for next week  to approve or reject the proposed sale.  Baldwin alleges that Bank of Hawaii, as the trustee for 26 trusts with interests in the assets to be sold, has not done enough independent analysis on the merits of the proposed sale.

 

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