By TOM CALLIS ADVERTISING By TOM CALLIS Tribune-Herald staff writer Forest land boasting one of the largest old-growth koa stands is up for grabs in Hamakua. Known as the “Ohana Sanctuary” by its current owners, the land consists of 3,127
By TOM CALLIS
Tribune-Herald staff writer
Forest land boasting one of the largest old-growth koa stands is up for grabs in Hamakua.
Known as the “Ohana Sanctuary” by its current owners, the land consists of 3,127 acres of largely untouched forest near Akaka Falls.
And it fetches a hefty price of $22 million.
But it’s not a bad deal for so much virgin land in paradise, believes Realtor Beverly Molfino.
“It’s a very unique opportunity,” she said.
The conservation resource-zoned land borders the Hilo Forest Reserve on the mauka side and stretches down near the top of Chin Chuck Road at about the 1,000-foot elevation. It sits as high as 2,400 feet.
Several streams, including the Wa‘awa‘a and Hakalau, run through the property.
The Pennsylvania-based Ohana Sanctuary LLC bought the land about 15 years ago, Molfino said.
“They wanted to pursue other interests,” she said, when asked why the land is up for sale.
The property is described as a “native cloud forest” on its real estate listing with koa, ohia, mamane and hapuu trees.
Molfino said the property has value for both conservation and tree harvesting.
Approximately 16.5 million board feet of koa could be harvested alone, she said, which is partly why the asking price is so high. (The undeveloped land is assessed at $627,700, according to Hawaii County.)
“If you look at the harvesting figures, that’s where you get the price,” Molfino said.
The property hosts the third largest old-growth koa stand on private property, according to its listing.
Molfino said she has been approached by at least one conservation group interested in preserving the land. She declined to identify them while talks are in progress.
“I know they are looking into it,” she said, of conservation groups.
Molfino said there could also be interest in the property for “land banking.”
“That means that somebody would buy it as a family legacy … and hold onto it for their children and grandchildren,” she said.
Whatever the land gets used for, there’s likely not been anything like it on the Big Island real estate market for quite awhile, Molfino said.
“There’s nothing comparable,” she said.
To view the property, visit http://beverlymolfino.net.
Email Tom Callis at tcallis@hawaiitribune-herald.com.
