It was a hushed Hawaii home sale, but at a price crying out for attention.
An unidentified real estate investor quietly paid $41.8 million for a luxury home in Wailea earlier this year — described as a record price for a residence on Maui.
The deal closed in April, according to property records.
The buyer was a limited-liability company named Project 251A LLC, set up in February by an undisclosed person to purchase the property.
Alex Cortez, an agent with Island Sotheby’s International Realty in Wailea, said the sale has raised eyebrows in Maui’s real estate community given that the price is hard to justify on paper.
“It’s unbelievable,” he said.
Cortez said the price is a record for Maui, topping other “mind-numbing” sales in the last several years that keep pushing up real estate values. Those other sales include a $27 million home in Makena bought in 2011 and a $23 million home in Wailea bought in 2012.
Ricky Cassiday, a local residential real estate market researcher, said incredibly wealthy individuals are willing to pay what appear to others as “insane” prices for Hawaii real estate with the best views, secluded beaches and privacy.
Other eye-popping prices from prior upswings in Hawaii’s real estate market include $29 million for a residence on 2.6 acres at Mauna Kea Resort on Hawaii island in 2007 and $42.5 million for the 7.2-acre former leasehold estate of industrialist Henry Kaiser in Oahu’s Portlock neighborhood in 1988.
The record-breaking Maui home is on a 4-acre lot within the seven-lot subdivision Keauhou at Makena with elevated views over Palauea Beach.
According to property records, the Korth Family Trust of Calgary, Alberta, bought the lot at 4446 Makena Road for $5.25 million in 2008 and built a 6,737-square-foot main house in 2011 and a 1,004-square-foot secondary dwelling in 2012. The value of the construction, according to building permits, was close to $6 million.
Cortez said the property wasn’t listed for sale, and no local brokers represented the seller or buyer.