GONOLULU (AP) – A San Francisco-based investment banker recently sold his Maui mansion to a former hedge fund CEO and Hollywood actress for $ 45 million.
The cash sale of an oceanfront home in Kihei reflects Hawaii’s hot real estate market, fueled by the pandemic that has made the islands a desirable place to isolate and work remotely. According to property records, it has eight bedrooms, eight full bathrooms and two half bathrooms, as well as a pool and jacuzzi.
The median home price in Maui exceeded $ 1.1 million in June. The value of the home bought by Adam Weiss and Barrett Swatek on July 30 is the second largest sale in Hawaii, their real estate agent Ann Hogan Perry said. The most expensive single-family residence in Kauai was worth $ 46.1 million in 2018.
Perry noted that the home is on 15.3 acres, while the Maui property is smaller than an acre.
The pandemic was not the main reason the Malibu, California couple chose the home, Perry said. But moving to virtual meetings will allow them to spend more time in Hawaii.
“They weren’t installed on a specific island,” she said. “They wanted to understand the culture and what sets each island apart from the others.”
They ended up settling on a 21,700 square foot home designed by Mexican architect Ricardo Legorreta because of an attribute rarely found in most parts of Hawaii, Perry said, “They wanted to be able to walk.”
The location allows them to take long walks along the beach and tree-lined sidewalks.
Perry said he was also ready to move in.
Svatek’s roles on the TV show include Clumsy, Yellowstone, and American Housewife. Her husband is a co-founder of Scout Capital hedge fund and founder of Stillwater Investment Management.
Perry said the deal limited Hawaii real estate sales for several weeks, noting that just four days before the deal closed in Maui, Microsoft co-founder Paul Allen’s estate on the Big Island was sold for $ 43 million and a house in the Oahu coastal region. Lanikai was sold a week earlier for over $ 24 million.
“This is a huge amount of sales in excess of $ 20 million,” Perry said.
According to Will McKinney, the seller’s agent for Thomas Weisel, the Maui home was not offered on the mainstream real estate market.
“The owner wanted to maintain its exclusivity and did not want to bring it to the open market, as is usually the case with a listing,” said McKinney. “We have notified all brokers who might have a buyer of this caliber.”