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Hokuli’a developer files bankruptcy with debt over $500 million

  • 20030917 BSN HOKULIA 0369 The developers of the Hokulia subdivision on the Big Island meet with the editorial board. This includes Lyle Anderson trying to explain some of his thoughts on the problems that are delaying the completion of the project. PHOTO BY DENNIS ODA. SEPT. 17, 2003. 78JJ0369. Camera: DCS620X Serial #: K620X-01157 Width: 1152 Height: 1728 Date: 9/17/03 Time: 19:11:44 DCS6XX Image FW Ver: 3.2.3 TIFF Image Look: Product Sharpening Requested: No Counter: [160369] Shutter: 1/60 Aperture: f2.8 ISO Speed: 500 Max Aperture: f2.8 Min Aperture: f22 Focal Length: 145 Exposure Mode: Manual (M) Meter Mode: Spot Drive Mode: Continuous High (CH) Focus Mode: Continuous (AF-C) Focus Point: Center Flash Mode: Normal Sync Compensation: +0.0 Flash Compensation: +0.0 Self Timer Time: 10s White balance: Preset (Fluorescent) Time: 19:11:44.904

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.

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