Kauai estate becomes the most expensive home ever sold in Hawaii

The former head of Morgan Stanley’s Asia Pacific operations just sold his 15-acre estate for $46.1 million, marking the most-expensive single-family home ever sold in Hawaii.

The waterfront property, known as Hale ‘Ae Kai on the island of Kauai, hit the market more than a year ago in May 2017 for $70 million, according to the Wall Street Journal. It sits on Hawaii’s North Shore near the small town of Kilauea.

The seller is a trust created by William H. Strong and his wife Sandi. Strong was previously the co-CEO of Morgan Stanley’s Asia Pacific region. He is now chairman of Chicago-based Longford Capital, which focuses on litigation finance.

The estate’s main house has more than 10,000 square feet of living space along with over 8,000 square feet of exterior decks, pools and lanais. It has six bedrooms, a media room, an exercise room, an infinity pool and a Jacuzzi. The property also includes a farm with exotic palms, citrus and coconut trees. The agent said it had been rented out for as much as $10,000 a night, according to the Wall Street Journal.

Real estate agents told the publication that the deal is the priciest home sale to close in Hawaii. The previous record was the $41.8 million sale of a Maui home in 2015.

In 2016, two penthouse units were listed for $35 million and $36 million, respectively, at the Waiea development in Honolulu, which if sold at asking, would be the highest prices ever paid for a condo unit in Hawaii. [WSJ] – Keith Larsen