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Makena Parcel Sells to Radio Station Magnate for $7.8 Million

Another big sale in Makena, from an interesting buyer.
October 23, 2015

Makena Parcel Sells to Radio Station Magnate for $7.8 Million

A South Maui real estate purchase made headlines recently, when North Dakota-based radio station owner James Ingstad paid $7.8 million for a parcel of land in Makena. If you're not familiar with the area, Makena is located south of Kihei and Wailea. Because there's so little real estate in the Makena area, the location of properties here are categorized under Wailea-Makena.

Properties in Makena are among the most expensive on the island, despite the fact that the terrain in the area becomes characterized by craggy lava rock the further south you go. That's where Mount Haleakala's last lava flow ended up long ago. Interestingly, it may be this inhospitable terrain that makes real estate here so expensive. Makena properties are remote and private, with a tiny population of wealthy residents. Also, the views of the sparkling blue ocean are breathtaking.

An example of the value of Makena real estate is the home on four acres that sold in August for no less than $42 million. This makes Ingstad's purchase rather less impressive, but the sale may be a record for the most expensive purchase of residential real estate on Maui, so don't assume it's the standard.

Ingstad opted for a vacant parcel of land near the Makena Beach & Golf Resort, where the land is somewhat smoother than the far south end of Makena. Tax records reveal that the property's total assessed value is $2.6 million. The parcel covers 31,530 square feet, and was sold by RCL8 MMXI Investment LLC, which lists RCL8 Management Inc. as its manager. In turn, said manager is owned by Pacific Rim Land Inc.

Ingstad earned his success through Ingstad Family Media, a broadcasting company that owns radio stations in several states, such as Washington, North Dakota and South Dakota. In order to purchase the parcel, he created JDI Hawaiian Investments LLC. It isn't the most expensive sale we've seen in the area, but the purchaser and his history make it interesting as we wait to see what he plans to do with the property.

Blogs for October 2015

Makena Beach and Golf Resort Redevelopment

Posted on October 30, 2015
Makena Beach and Golf Resort Redevelopment

Lately, we've had an abundance of activity in both commercial and residential South Maui real estate. Savvy investors are snapping up properties, developing and redeveloping left and right. The latest example is the redevelopment of the Makena Beach & Golf Resort by Discovery Land Co.,… Continue Reading

Makena Parcel Sells to Radio Station Magnate for $7.8 Million

Posted on October 23, 2015
Makena Parcel Sells to Radio Station Magnate for $7.8 Million

A South Maui real estate purchase made headlines recently, when North Dakota-based radio station owner James Ingstad paid $7.8 million for a parcel of land in Makena. If you're not familiar with the area, Makena is located south of Kihei and… Continue Reading

Maui Property Tax Rates

Posted on October 16, 2015
Maui Property Tax Rates

Interested in Maui property tax rates for 2015-2016? It's a common thing to look into if you're a Maui real estate buyer or owner. The tax rate depends on the value of the property, which is assessed at 100% true market value each year based on cost… Continue Reading

Maui Residents Skeptical About Liquefied Natural Gas

Posted on October 09, 2015
Maui Residents Skeptical About Liquefied Natural Gas

Maui residents are least interested in Liquefied natural gas (LNG) among energy source options. That is according to MPower Maui, a project under the Maui Economic Development Board, which facilitated discussions with hundreds of Maui residents regarding energy issues. The reason this matters is… Continue Reading

Planned Expansion of Native Dryland Forest on Maui

Posted on October 02, 2015
Planned Expansion of Native Dryland Forest on Maui

Amidst all the reports of population growth, new real estate developments and general expansion, hearing about a planned native dryland forest expansion is an unusual break. State officials are planning to restore the forest that once blanketed leeward Haleakala. The dryland forest in… Continue Reading

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Mark and Lisa

Mark A Harbison
R(B) (GRI) (CIPS) (TRC)

Mark@RealEstateMauiHawaii.com

(808) 283-3785

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