WAILUKU >> The 54-year-old Maui Lu Resort sold for more than $60 million, a California commercial real estate firm said in announcing the closing of the sale.

When the 28-acre Kihei property was sold to Tokyo-based Capbridge Group, and local subsidiary Capbridge Pacific LLC, terms of the sale were not disclosed.

The sale completed this week, with a sale price reported to be in the upper-$60 million range, said the firm Maxxam Enterprises, which is based in Beverly Hills, California.

Capbridge is collaborating with Hilton Grand Vacations on a $300 million time-share redevelopment of the property.

It was once known for its bungalows, pitch-and-putt golf course and social hall, the Maui News reported in a story Friday. Canadians Louise and Gordon Gibson bought the property for $34,000 in 1956. The first guest units were built in 1960. When the Gibsons sold the Maui Lu to Canadian investors in 1977, the resort had 150 units. The resort has changed hands many times since.

Maui County assessed the property at $12.2 million,

Groundbreaking for the 388-unit time-share project is expected late next year, Capbridge said. The time-share resort is expected to open in 2017.

The sale includes a small piece of land that is on South Kihei Road.