2009’s Biggest Deal
Again we congratulate John Ferry, Barbara Sloan and Malia Powers for representing the sellers of this sale and for receiving the honor of Highest Residential Sale in Hawaii for 2009. Below is the article that was published in the June 2010 issue of Hawaii Business Magazine as written by Jon Letman.
John, Barbara and Malia also want to thank Title Guaranty for their hard work and efforts during this transaction.
By Jon Letman
When Tara Plantation on Kauai’s east side sold in November, the 174-acre beachfront property had been listed for 1,927 days – more than five years. At $28 million, the sale was Hawaii’s priciest residential real estate transaction in 2009.
The sprawling property, tucked out of sight between the Anahola Mountains and Papaa Bay, originally listed in 2004 for $46.5 million. Even though Hollywood executive Peter Guber and his wife, Tara, had to cut the price drastically to sell it, they still received four times what they paid for it in 1998.
Representing the buyer was Hannah Sirois of Kauai Heritage Properties, while the listing agents were John Ferry, Malia Powers and Barbara Sloan of Coldwell Banker Bali Hai Realty. Despite speculation about a “Hollywood buyer” or development acquisition, Sirois says, Papaa Bay Ranch (as it’s again called) was purchased by a noncelebrity, “professional couple” who aspire to own a property that allows them to “restore, recuperate and enjoy the magic of the island.”
The wooded, rambling estate was owned by Kauai’s Rice family, and then the Gerbode Trust for most of the 20th century. Before Hurricane Iniki, it was sought by Michael Jackson and Elizabeth Taylor, but sold to an Idaho rancher in the mid-1990s. In 1998, Guber bought it and incorporated authentic Hawaiian architecture, adding two 4,000-square-foot guest houses, a pool, horse stables, a yoga studio and a caretaker’s house alongside the 13,154-square-foot, plantation-style home.
Sirois says the undulating property is criss-crossed with trails and has a meadow that abuts an idyllic sandy beach. “This is an extraordinary property,” she says. “It’s beautiful, just beautiful.”