For a pretty penny, you can own what is considered the largest privately owned tract of old-growth koa forest on the planet. ADVERTISING For a pretty penny, you can own what is considered the largest privately owned tract of old-growth
For a pretty penny, you can own what is considered the largest privately owned tract of old-growth koa forest on the planet.
Honolulu-based Finance Factors is selling a 13,129-acre property known as the “Hilo Koa Forest.”
“It is a spectacular piece of property,” said Corinne Tanna, the company’s marketing manager.
The price tag: $14 million, or $1,066 per acre.
Whoever buys it will become the the 20th-largest private land owner in the state and the eighth largest on the Big Island, according to the listing.
Tanna said the company has owned the property, which consists of two separate parcels, since one of its mortgage owners foreclosed on it in 2010. Asked about the decision to sell, she said the company’s core business is lending, not property sales.
Located on the slopes of Mauna Kea, approximately five miles northwest of Hilo and four miles from the ocean, the property ranges in elevation from 1,600 feet in the southeast corner to 3,650 feet in the northwest corner.
While the majority of the acreage is zoned for conservation use, about 1,264 acres are zoned agricultural use and could be developed with 20-acre minimum lot sizes, according to Steven Sofos, president and CEO of Sofos Realty Corp., one of two firms marketing the property.
Sofos said it is currently the largest acreage available for purchase in the state.
“It’s a once-in-a-lifetime opportunity for someone,” he said. “A property like this doesn’t come around very often.”
And since going on the market Wednesday, there’s been “phenomenal” interest, Sofos said. By midday Thursday, he’d already received around 100 inquiries, mostly from people looking for their own personal retreat.
In addition to a dense forest of koa, an exotic hardwood endemic to Hawaii, the property features rivers, waterfalls, ocean and mountain views, and a variety of colorful native birds, according to Sofos. A 2002 survey identified 31 native flowering plant species.
The forest, which Sofos described as one of the densest he’s ever seen, is crossed by at least eight named streams, including Waiaama, Kawainui, Hanawi, Kaieie, Kapue, Pahoehoe, Pohakupaa and Honolii.
Currently, there are no structures or utilities on the parcels. However, the 1,264 acres of agricultural land could potentially be developed into more than 600 20-acre lots. Permitted uses include an array of agricultural uses, a single-family dwelling or farm dwelling, forestry, equestrian and wind energy uses, according to Sofos. Additional uses may be possible with a permit.
While the Hilo Koa Forest is believed to be the state’s largest old-growth koa stand, it is not the only one up for grabs on the Big Island.
Just to the north, 3,137 acres of largely untouched forest near Akaka Falls, known by its owners as the “Ohana Sanctuary,” is being sold at an asking price of $25.3 million, or $8,065 per acre. That property hosts the third largest old-growth koa forest on private property, according to its listing.
To view the Hilo Koa Forest property, visit www.hilokoaforest.com.
Email Chris D’Angelo at cdangelo@hawaiitribune-herald.com.
