POSTED: 12:04 p.m. HST, Mar 07, 2013
LAST UPDATED: 01:49 p.m. HST, Mar 07, 2013
The developer of the controversial and uncompleted Hokuli'a luxury home subdivision on Hawaii island filed for bankruptcy today in a massive, tangled case involving debts between $500 million and $1 billion.
The development firm, 1250 Oceanside Partners initiated by Arizona developer Lyle Anderson, seeks to reorganize its debts along with two related firms, Front Nine LLC and Pacific Star Co. LLC.
Oceanside Partners, which since 2008 has been controlled by a lender that ousted Anderson, listed assets of $10 million to $50 million.
Hokuli'a was master-planned by Anderson and former partner Japan Airlines to be a luxury housing community with 730 homes around a 27-hole golf course more than a decade ago. The project ran into numerous legal troubles that largely stemmed from developing the project on agricultural land.