Sale of $ 45 million mansion reflects hot Hawaii real estate market

HONOLULU (AP) – A San Francisco investment banker recently sold his Maui mansion to a retired hedge fund CEO and Hollywood actress for $ 45 million.

The cash sale of the beachfront home in Kihei reflects a hot Hawaii real estate market fueled by a pandemic that has made the islands a desirable place to isolate themselves and work remotely. According to property records, it has eight bedrooms, eight full bathrooms, and two half baths, and has a pool and hot tub.

The median price of a home in Maui exceeded $ 1.1 million in June. The price of the house – purchased by Adam Weiss and Barret Swatek on July 30 – is the second highest sale in Hawaiian history, said their agent, Anne Hogan Perry of real estate company Compass. The most expensive single-family residence was $ 46.1 million on Kauai in 2018.

Perry noted that the house is on 15.3 acres, while the Maui property is less than an acre.

The pandemic was not the main reason the Malibu, Calif., Couple chose the home, Perry said. But a move to virtual meetings will allow them to spend more time in Hawaii.

“They weren’t settled on any particular island,” she said. “They wanted to understand the culture and what made each island different.”

They ultimately opted for the 21,700 square foot home designed by Mexican architect Ricardo Legorreta because of an attribute rare to find in most areas of Hawaii, Perry said, “They wanted to be able to walk.”

The location allows them to take long walks on the beach and along the tree-lined sidewalks.

He was also ready to move in, Perry said.

Swatek’s TV show roles include “Awkward”, “Yellowstone” and “American Housewife”. Her husband is co-founder of the Scout Capital hedge fund and founder of Stillwater Investment Management.

The sale topped a few weeks for real estate sales in Hawaii, Perry said, noting that just four days before the Maui deal was closed, Microsoft co-founder Paul Allen’s estate on the Big Island was sold. for $ 43 million and a house in the beachfront neighborhood of Oahu. of Lanikai sold for over $ 24 million about a week earlier.

“It’s huge to have so many sales over $ 20 million,” Perry said.

The Maui home has not been offered on the regular real estate market, said Will McKinney, seller’s agent Thomas Weisel.

“The owner wanted to keep it exclusive and didn’t want to put it on the open market like a typical listing is,” McKinney said. “We have notified all brokers who may have a buyer of this caliber.”

Maui’s vibrant real estate market makes it difficult for longtime residents, including native Hawaiians, to buy or rent homes, forcing them to leave Hawaii, said Stan Franco, president of Stand Up Maui, which advocates for affordable housing.

“So I think it’s a real problem for people like me who are older to see this happening to our children and grandchildren,” he said. “And that causes a lot of very bad feelings from our local people to anyone outside.”

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