The Robin Masters Estate (Pahonu)

[360kid]

hi all,

after reading this thread, all 123 pages of it, I felt obliged to join. I'll be heading to the estate next week to hit the tidal pool, front gate for a peek, and perhaps the hike for some aerial shots and take the area in myself after seeing some gorgeous shots posted. Three decades later and still people interested, myself included, no wonder the elusive Eva is not a fan of Magnum fans!

I'll report anything newsworthy on any findings after I visit, hoping to find a stray pug once on the island, may be my ticket in!

No word on the sale as of yet on here but I shall do some digging on that as well in the area next week if anyone is willing to talk.

All the best.

[Diandra]

hi all,

after reading this thread, all 123 pages of it, I felt obliged to join. I'll be heading to the estate next week to hit the tidal pool, front gate for a peek, and perhaps the hike for some aerial shots and take the area in myself after seeing some gorgeous shots posted. Three decades later and still people interested, myself included, no wonder the elusive Eva is not a fan of Magnum fans!

I'll report anything newsworthy on any findings after I visit, hoping to find a stray pug once on the island, may be my ticket in!

No word on the sale as of yet on here but I shall do some digging on that as well in the area next week if anyone is willing to talk.

All the best.

I'm jealous. My husband and I were at Robin's Nest in March 2012 and it was great to see where Magnum PI was filmed. Hope you
have the best time and find out who?? may have bought the property!

[dougie]

Awesome. Looking forward to your pics and any info you may find out. Enjoy.

[Derek]

hi all,

after reading this thread, all 123 pages of it, I felt obliged to join. I'll be heading to the estate next week to hit the tidal pool, front gate for a peek, and perhaps the hike for some aerial shots and take the area in myself after seeing some gorgeous shots posted. Three decades later and still people interested, myself included, no wonder the elusive Eva is not a fan of Magnum fans!

I'll report anything newsworthy on any findings after I visit, hoping to find a stray pug once on the island, may be my ticket in!

No word on the sale as of yet on here but I shall do some digging on that as well in the area next week if anyone is willing to talk.

All the best.

Could you please check if they have already planted the Petunias, as I requested

Seriously, wish you a nice time in Hawai'i, it is such a great place!

[Fat Jack]

Hi guys,

Well, it looks like Pahonu is sold. There was a filing at the DLNR Bureau of Conveyances which has the transfer from Eve's trust to the newly formed “Waimanalo Paradise LLC” out of Delaware (http://www.bizapedia.com/de/WAIMANALO-PARADISE-LLC.html). The contact name on the deed is Seth R. Madorsky, a partner at http://www.kattenlaw.com/Seth-Madorsky, who I assume is representing the buyer. I'm the first to admit I know very little about real estate, but doesn't this sound like a developer to you all and not an individual? Any thoughts?

[Kevster]

Corporations out of Delaware are VERY common as their state laws are very accommodating. Many multi-state domestic and international companies will incorporate or establish business through Delaware without really operating in the state...

That said, I believe that a company name used as the owner on a deed to a higher value piece of real estate is just too common to assume it is a developer. It could be a private owner who sets it up that way for tax purposes. If he is going to rent it out a lot, why not write off all kinds of business expenses and be able to offset other income? Tax planning and using strategic business entities is part of any purchase decision by those with any amount of money...

So, with the name you stated: Don't sweat WHAT it is, worry about what they FILE...

If they file repair permits, get HAPPY. If they don't file anything obvious, then I'd get concerned... The place needs a lot of work. If they don't start on it pretty quick, then they probably won't be planning any repairs.

The rest of the story is still the same as it was: waiting....

Of course, the fact that it was bought like this means that the property is likely not in the process of being used in a television of movie production, so nobody is doing anything Magnum related to the original Robin's Nest. It wasn't expected that there was, but it'd be a nice little surprise!!!!

[Diandra]

Hi guys,

Well, it looks like Pahonu is sold. There was a filing at the DLNR Bureau of Conveyances which has the transfer from Eve's trust to the newly formed “Waimanalo Paradise LLC” out of Delaware (http://www.bizapedia.com/de/WAIMANALO-PARADISE-LLC.html). The contact name on the deed is Seth R. Madorsky, a partner at http://www.kattenlaw.com/Seth-Madorsky, who I assume is representing the buyer. I'm the first to admit I know very little about real estate, but doesn't this sound like a developer to you all and not an individual? Any thoughts?

I wonder if the same people also bought the Marks Estate??

[Fat Jack]

Hi guys,

Well, it looks like Pahonu is sold. There was a filing at the DLNR Bureau of Conveyances which has the transfer from Eve's trust to the newly formed “Waimanalo Paradise LLC” out of Delaware (http://www.bizapedia.com/de/WAIMANALO-PARADISE-LLC.html). The contact name on the deed is Seth R. Madorsky, a partner at http://www.kattenlaw.com/Seth-Madorsky, who I assume is representing the buyer. I'm the first to admit I know very little about real estate, but doesn't this sound like a developer to you all and not an individual? Any thoughts?

I wonder if the same people also bought the Marks Estate??

I don't see anything recorded for the Marks Estate yet.

[Fat Jack]

Hmmmm, this is getting more interesting! I just saw this...http://khon2.com/2015/03/17/sale-of-mag ... um=twitter

Regardless, this sounds promising..."The mortgage is nearly a million dollars more than the sale price, a $9.5 million note, so it would appear some major renovations could be in store for the aging property."

On a side note, it's nice to see the back of the guest house with the hedges trimmed!

[steveadl]

The large mortgage sounds promising as it could be used to renovate. Thought it could also be used to demolish and subdivide I guess.

[Steve]

I told my wife last month that I was thinking it might be a place Obama could retire to. Just hope if the rumor is true that he plans to live there and not make it his Presidential Library. I wonder if he does move there if access to the Tidal Pool will be a problem (even though the beaches belong to the public)......

[Kevster]

That says a bit more....

That "extra" money in the loan COULD BE for renovations, and that intrigues me a little more than the name on the deed. Chances are, with the issues with the house, it was bought a little below market as most of the value was in the land. How much the house contributed or impacted it is impossible to gauge without really knowing the market.

It could be an A & D loan: Acquisition and Development (they have to already have a planned project to get this type of loan). Bad news if it is, but $1M seems WAY TOO SMALL for any real redevelopment. That seems more good than bad. IF(!) they got a loan for a million over purchase, they did that by use of an appraisal that says it is worth at least 125%-135% of the purchase price when something else gets done. That means major renovations to bring the house up to speed. It could be a gut and redo; OR it could be a complete demolition, partial redevelopment of the site, and the sale of the balance of the site. There isn't enough money for the latter, and there may not be enough land value to justify the loan amount... Lending ratios and rates on loans on land are less favorable. If this was sold with plans to demolish and subdivide it, then the value of the land would have to be about double the sales price. That's a stretch... They would also have to have something to file. It would be in the development authorities hands pretty quick after the loan closed.

[Fat Jack]

Thanks for all the info, Kevster...

Another thought...they could've also put money down so just because the loan amount was $1 mil over asking price, that doesn't necessarily indicate how much they've allocated for reno or otherwise, right? Or they're using other sources to pay for any reno/development, etc. There are so many possibilities.

I do know that Pahonu requires review by the State Historic Preservation Department, simply because it's a structure(s) over 50 years old. All permits filed have to be routed to them first before any are issued. More waiting.

[Kevster]

Thought as much.

Yeah, if they were borrowing money for new development/redevelopment, wouldn't they have to have the approval of the local historical preservation police? Also, they'd have any required approvals as a contingency in any loan. I presume that document recordings aren't public in Hawaii, or else the mortgage would be available to read. If it is A & D or major renovations of a property in Florida, then the plans (general description or detailed building prints, or anywhere in between) are IN THE MORTGAGE documents.

They don't leave this stuff to chance.

Are they sealed, not available on line, or not at all?

Anybody?

[Diandra]

Thought as much.

Yeah, if they were borrowing money for new development/redevelopment, wouldn't they have to have the approval of the local historical preservation police? Also, they'd have any required approvals as a contingency in any loan. I presume that document recordings aren't public in Hawaii, or else the mortgage would be available to read. If it is A & D or major renovations of a property in Florida, then the plans (general description or detailed building prints, or anywhere in between) are IN THE MORTGAGE documents.

They don't leave this stuff to chance.

Are they sealed, not available on line, or not at all?

Anybody?

Whoever bought this property, I hope they don't make it difficult for tourists, or anybody for that matter, to access the tidal pool
as some of the rich have done by putting up locked gates. I guess the laws don't apply to everyone in Hawaii!!! And, if by chance, it is Obama who bought the estate,
security would keep people away.