'Five-0' star Jack Lord's Kahala condo sold
Pacific Business News (Honolulu) - by?Janis L. Magin
The 3,440-square-foot, three-bedroom condominium at the Kahala Beach complex sold for $800,000, according to Patricia Choi of Choi International of Honolulu.
Choi first listed the unit for just under $2.8 million in April 2006, about six months after the late actor's wife, Marie, died. The sale recorded on Thursday, she said.
Lord, who played detective Steve McGarrett on the CBS crime drama from 1968 to 1980, died in January 1998. Marie Lord died in October 2005.
The buyers are a retired couple from California who have been coming to Hawaii for many years and decided it was time to buy, said their Realtor, Kimo Smigielski of Sandwich Isles Realty, Inc.
The condominium, which has not been renovated since the Lords first bought it in the 1970s, was sold in "as-is" condition, and needs extensive work that could cost more than $500,000, Choi said.
The lower price reflects the condominium's status as a leasehold property, meaning the buyers own the unit but not the land beneath it. With the lease on the building expiring in 2027, it's likely the new owners will have to leave in 19 years when the land returns to the landlord, Kamehameha Schools, which is Hawaii's largest private landowner.
The private trust owns the land under the 196-unit Kahala Beach, which was built in 1966.
Choi pointed out that a house on the beach in the exclusive Kahala neighborhood would cost millions more to buy and thousands more for taxes and upkeep.
The listing prices for the 28 Kahala Beach units currently on the market range from $199,000 for a garden-view two-bedroom, two-bath unit, up to $2.5 million for a newly renovated two-bedroom, two-bath unit with an ocean view.
The monthly lease rent on the former Lord unit is $5,638, while the maintenance fee and property tax bring the total monthly cost up to about $8,500, in addition to any mortgage payment.
The Lords left some $40 million to a dozen Hawaii charities. The proceeds from the sale of the condominium will also go to a Hawaii nonprofit organization, Choi said.