WAILUKU, Hawaii (AP) - Circuit Judge Shackley F. Raffetto has confirmed the sale of the Makena Beach & Golf Resort on Maui for $95 million.
In May, a high bid of $55 million was submitted on behalf of Wells Fargo Bank as trustee for the mortgage lending trust that foreclosed on the property last year.
At the time, the only other bid was $50 million.
On Tuesday, the lender group prevailed with the $95 million bid after Raffetto agreed to reopen the bidding at the confirmation hearing to allow two additional bids.
The lending trust was owed more than $192 million in principal plus interest and other costs on its mortgage loan.
Ownership of the property will transfer from court receivership to a new owner designated by the lender.
(Copyright 2010 by The Associated Press. All Rights Reserved.)
