Tuesday, September 28, 2010

Big Isle project heads for auction - Hawaii Business - Staradvertiser.com

Big Isle project heads for auction - Hawaii Business - Staradvertiser.com:
"Michael Fuchs had many hits as a former chief executive of HBO, but his dabbling in Hawaii real estate development appears headed for a bad ending.

Unsold pieces of the Ke Kailani luxury residential subdivision developed by Fuchs at Mauna Lani Resort on the Big Island are scheduled for a Nov. 18 foreclosure auction.

Three local lenders, led by Bank of Hawaii, claim that Fuchs defaulted on $52 million in loans he took out to develop the project featuring 39 single-family home lots and 12 condominiums mostly fronting three golf fairways of Mauna Lani's South Course.

The planned auction involves 25 single-family home lots, land planned for eight condominium units and two completed condo units -- all of which are being offered in bulk, not separately.

Fuchs, a New York resident, could not be reached for comment yesterday."

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