Auction of foreclosed condos gets $55 million bid
WAILUKU, Hawaii (AP) — An auction for dozens of luxury condominiums and hundreds of time-shares on Maui at Kapalua Bay garnered a high bid of $55 million.
The Maui News (http://is.gd/qsJ7Nj) says the high bid for the Ritz-Carlton Club and Residences was made by Island Acquisitions Kapalua LLC. Honolulu attorney George Van Buren says the company was one of just two registered bidders at Monday’s auction for the troubled property.
Lehman Brothers had been the initial lender for the $370 million project, but prior to filing for bankruptcy in 2008 it reconfigured the loan. Several of the banks have since sold their interests.
Lenders on the project foreclosed on the property in June. Van Buren says the $55 million bid still needs approval from a judge.