Makena, South Maui - Wells Fargo has submitted foreclosure proceedings in circuit court for Makena Resort. Maui developer, Everett Dowling and Morgan Stanley purchased the 1,800 acres in 2007 from the failing Seibu Corp. for $575 million. The partnership of Dowling and Morgan Stanley owes $192.5 million in principal, interest and penalties. This will slow development of the Makena area considerably. Dowling is moving forward on his 20 acre oceanfront development called Maluaka, which is owned and financed separately. In the interim, the Makena Prince Hotel and Makena Golf Course are continuing to operate.
For more details see articles in the Maui News and Pacific Business News.
For more details see articles in the Maui News and Pacific Business News.
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