December 2, 2022

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$65 Million ‘Big Island’ Land Offering Could Make History At Sotheby’s Concierge Auctions In November

4 min read

A 400-acre Pali Kai parcel of land that overlooks the Pacific Ocean just listed for $65 million, presenting an opportunity for the buyer to break sales records.

The land includes 1 mile of ocean frontage and an elevation that runs from a black-sand beach on the western shore of the ‘Big Island’ of Hawai’i to a 1,000-foot overlook.

Developer and seller Lyle Anderson has owned the expansive parcel for about 15 years. Why sell now? Anderson said it is time to give someone the opportunity to put the land to use.

“Pali Kai is Hawai’i as few will ever experience it — a rare find as one of the last available parcels of land offering build-out potential, a desirable climate year-round, and indoor-outdoor living. With the possibility for [multiple] estates, the land offers an unmatched opportunity to create a legacy for generations to come,” Anderson added.

Hawai’i Life top producing agent Carrie Nicholson, who represents Anderson, agrees.

This property is different from anything else on the market. And there are people out there looking for unique properties like this around the world. It stands out on its own. It’s special,” she said.

Nicholson represents the listing with Hawai’i Life agent Kenneth Springer. She said the property has no reserve and will be sold to the highest bidder, regardless of price, via Sotheby’s Concierge Auctions. The digital marketplace lets buyers bid remotely from anywhere in the world. And the online bidding is scheduled to run from Nov. 10 to Nov. 17.

Despite a slowing market, a brief overview of previous land sales in Hawai’i provides a compelling snapshot for comparison and potential. 2021 was a record-breaking year for Hawai’i’s luxury real estate market. A 129-acre lot in Kailua-Kona broke records by selling for $30 million in 2006; when developed, that land housed an estate that made history as the second top residential home sale in the state when the deal closed for $43 million in July 2021. In April 2022, Forbes reported on a 3.6-acre parcel overlooking the ocean in Hawai’i’s residential community of Kaʻupulehu that sold for just under $34 million. Nicholson also represented this deal.

With such a large parcel of vacant land hitting the market, Nicholson said, for real estate enthusiasts or anyone bidding or browsing, this deal is one to watch and could create a new high-water mark.

“One of the greatest things about this property is the location. It has the most amazing views,” she said.

Born and raised in Hawai’i, Nicholson has worked in real estate for 20 years and been instrumental in closing some of the region’s most important deals. She said the ‘Big Island’ is a significant place to pick up rare opportunities.

“The owner, Lyle Anderson, loves looking all around the world for special and unique properties. This is one example. With nearly 400 acres, there are 13 tax map keys, basically 13 lots. Someone could build one home on each parcel,” she said.

Nicholson said she feels the property would be perfect for someone who wants the expansiveness of a family estate.

“It is ideal for someone who understands and appreciates the beauty of the land and is willing to preserve and honor the space. The lot is really great as a legacy property – something that can be enjoyed by a family and people who want to be in an environment where you have 75- to 80-degree weather all year. The land has endless options for orchards and gardens, a beautiful pool and tennis courts, private roads, agricultural areas and equestrian facilities. I can envision an oasis of self-sustainable living with gardens and orchards. There are two permitted wells for water, and there’s electricity and everything else that’s needed for utilities to the property,” she added, “and the buyer could build whatever they wanted. Just imagine the possibilities.”