The Robin Masters Estate (Pahonu)

[Ice Pick]

Hi Guys,

Tremendous conversation here. It seems at this new price there is an opportunity to convert it into a viable high end rental, you are just going to need to love the property more than profit.

Assume purchase price is $7.5M
Gut rehab cost is $4.5M
After construction loan you have $9M on the note at 5% for 30 or ~ $29k/mo inc 1.5% prop tax.
I'm guessing maintenance will be close to $100k/yr so let's say $8k/mo to make our numbers easy.
This gets us to a monthly operational cost of $37k/mo or $444k/yr

Cash flow opportunities:
For a rental let's Conservatively let's estimate $2.5k/night with a 7 night min. Estimate it will be rented 25 weeks a year gets us to $437.5 minus 10% commissions will have us at $393.75k/yr on rentals

Weddings: I will assume you could charge $10k for the venue, broker it through a wedding planner and charge 10% service fee on food. Assume 5 weddings per year with 75 people at each wedding at a cost of $100pp so. This gets another $53.75k/yr

HGTV renovation show: kind of a no brainier to do a 10-12 episode show documenting the renovation. I have zero clue on the revenue side of this but I would assume you could generate another $150k from this one time event

So basically minus the HGTV idea, your annual balance sheet will be $447.5k in and $444k out for a nice tidy $3.5k annual profit exclusive of principal paid down on the note.

Taking principal contribution into account I'd assume you will have $1M applied toward the note after 10 years. This basically means you are earning 3.3% per year on aggregate based off your $3M downstroke on the property.

They are not making anymore 3 acre ocean front estates on Oahu, there are 122 pages on content discussed here so I would say the lack luster ROI are negatable with the uniqueness of the property.

Greg

[AdamSkating]

That being said, what the property needs is a wealthy historian.

Are there any wealthy historians out there?


"Athletics only last a summer, how ever long that summer is."

[N1095A]

OK, so, we're talking about $8M for the property, say around $3M for taxes over 30 years, and (guessing) maybe $5M for restorations. So for $16-20M, you could live happily ever after.

[No need to know!]

Some setting for weddings after a little fixing up.

[Steve]

OK, so, we're talking about $8M for the property, say around $3M for taxes over 30 years, and (guessing) maybe $5M for restorations. So for $16-20M, you could live happily ever after.

That means that if a fan of The Estate won the 485 million dollar jackpot tonight, took it all at once (240 million) took out half for taxes (120 million) leaving about 125 million........... Say you pay 10 million for the Estate including closing costs, commissions and lawyers fees, spend 5 million for restorations and set aside 3-5 million for property taxes and probably 1/2 million a year for upkeep(30 years= 15 million) on the grounds, beach and house you would have around 80 million left......Goes fast doesn't it................

[308GTS]

Jeez guys, I really can't believe how long this thread has been going?

[wes]

Well things will get interesting now, the estate was sold.

Off of Rick Romer's Blog.

Wes

[Donuts ensucrats]

Great news!!!

Alea jacta est!

[Styles Bitchley]

Well things will get interesting now, the estate was sold.

Off of Rick Romer's Blog.

Wes

Thanks for the heads up, Wes. Could still be just a rumour though.

Wednesday, February 18, 2015

Two Estates Are in Escrow

Can't believe it's been almost 1-1/2 years since I've posted on this blog. Well, considering it's been 30+ years since I was working on the show, I guess it's not surprising.

I ran into a realtor friend yesterday who told me that both the "Marks Estate" (pilot for Magnum and frequent film location including the King Kamehameha Club) as well as the Eve Glover Anderson Estate have been sold and are both in escrow. I don't know who bought them or what the final selling price was or what the new owners are planning to do with them. If any of you find out, please feel free to add a comment here. If I hear of anything, I will post it.

As for me, I just finished a Chinese movie on Friday as the Production Designer called "Pali Road" (previously called "Life Unknown").

FYI, Tom Selleck is now 70 and John Hillerman is 83. I'm still 36.

Aloha

[Diandra]

Well things will get interesting now, the estate was sold.

Off of Rick Romer's Blog.

Wes

Thanks for the heads up, Wes. Could still be just a rumour though.

Wednesday, February 18, 2015

Two Estates Are in Escrow

Can't believe it's been almost 1-1/2 years since I've posted on this blog. Well, considering it's been 30+ years since I was working on the show, I guess it's not surprising.




I ran into a realtor friend yesterday who told me that both the "Marks Estate" (pilot for Magnum and frequent film location including the King Kamehameha Club) as well as the Eve Glover Anderson Estate have been sold and are both in escrow. I don't know who bought them or what the final selling price was or what the new owners are planning to do with them. If any of you find out, please feel free to add a comment here. If I hear of anything, I will post it.

As for me, I just finished a Chinese movie on Friday as the Production Designer called "Pali Road" (previously called "Life Unknown").






FYI, Tom Selleck is now 70 and John Hillerman is 83. I'm still 36.



Aloha

Thanks for the information. I think it is very interesting that both the Marks Estate and the Eve Glover Estate have been sold.
Maybe whoever bought "Robins Nest" will restore the property. One can only hope!

[Steve]

It's still listed on the Sotheby's site...........
http://www.listsothebysrealty.com/eng/s ... o-hi-96795

[AdamSkating]

Owners or Owner ?

Wonder if the same person bought both?

That would be "good news" since it would be a person interested in the history of the properties.

[midnightx]

It would be a great development if someone could get access to the main house for some photo opportunities prior to its likely demolition. Perhaps someone will be able to reach out to the party responsible for the purchase and gain access to the estate, but that is unlikely to happen for a variety of reasons. It is sad to see the final demise of Pahonu.

[Pahonu]

It's still listed on the Sotheby's site...........
http://www.listsothebysrealty.com/eng/s ... o-hi-96795

I noticed the zoning is listed as H10. Does anyone know what that entails. Here in California R1 designates single residence, R2 allows two residences on the property, etc... I was thinking it might allow subdivision up to 10 lots, but I have no idea. Of course, that would not be good for keeping the property intact.

[Derek]

It's still listed on the Sotheby's site...........
http://www.listsothebysrealty.com/eng/s ... o-hi-96795

I noticed the zoning is listed as H10. Does anyone know what that entails. Here in California R1 designates single residence, R2 allows two residences on the property, etc... I was thinking it might allow subdivision up to 10 lots, but I have no idea. Of course, that would not be good for keeping the property intact.

That would be a bummer! And in this case, I would be thankful I could take a look at it while still in one piece. Personally I hope it is just someone who keeps it in good shape and restores it, and later when I am rich I'll buy it from him. I know what you're thinking, and you're right. But isn't it the little dreams that keep us going?

Edit: Then again, in the TV series, it was two residences