Maui Mansion Sale For $ 45 Million Reflects Hawaii’s Hot Real Estate Market

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HONOLULU. A San Francisco 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, two half bathrooms, and 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 agent Ann Hogan Perry of real estate company Compass 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 and the Maui property is less 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.

Barrett Swatek

Matt Sales / Matt Sales / Invision / AP

Actress Barrett Swatek at the Audi Golden Globe Week Opening Party in Los Angeles on January 6, 2013. Svatek and her husband bought a mansion in Maui for $ 45 million. The cash sale of an eight-bedroom oceanfront home reflects a booming market with the median home price in Maui in excess of $ 1.1 million. (Photo by Matt Sales / Invision / AP, file)

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 marked a big couple of weeks of real estate sales in Hawaii, noting that just four days before the deal closed in Maui, Microsoft co-founder Paul Allen’s estate on the Big Island sold for $ 43 million and a home in the Oahu coastal region. Lanikai was sold a week earlier for $ 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 put it on the open market, as is usually the case with a listing,” said McKinney. “We’ve notified all brokers who might have a buyer of this caliber.”

Maui’s hot real estate market is discouraging longtime residents, including native Hawaiians, from buying or renting homes, forcing them to leave Hawaii, said Stan Franco, president of Stand Up Maui, which advocates for affordable housing.

“So I think this is a real problem for people like me who are older seeing this happen to our children and grandchildren,” he said. “And this causes a lot of bad feelings in our local people towards everyone from the outside.”



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