A San Francisco investment banker just sold his Maui mansion to a retired hedge fund CEO and a Hollywood actress for $45 million.
The cash sale of an oceanfront house in Kihei reflects a hot Hawaii real estate market driven by a pandemic that has made the islands a desirable place to work remotely and isolate from the heat. According to property records, it has eight bedrooms, eight full bathrooms and two half bathrooms and features a pool and Jacuzzi.
The median price of a Maui home was $1.1 million in June. The price of the home — purchased on 30 July by Adam Weiss and Barret Swatek — is the second highest sale in Hawaii, said their agent Anne Hogan Perry of Compass. The most expensive single-family residence was for $46.1 million on Kauai in 2018.
The home is of 15.3 acres, while the Maui property is less than an acre.
The pandemic wasn't the main reason the couple in Malibu, California, chose the home, Perry said. But a shift to virtual meetings would allow them to spend more time in Hawaii.
They were not set in a particular island, she said. They wanted to understand the culture and what made each island different.
They eventually decided on the 21,700-square-foot home designed by Hawaii architect Ricardo Legorreta because of an attribute that's rare to find in most Hawaii communities, Perry said. They wanted to walk.
The location allows them to take long walks on the beach and along tree-lined sidewalks.
Perry said that the home was also move-in ready, Perry said.
TV show roles include Awkward, Yellowstone and American Housewife. Her husband is co-founder of the hedge fund Scout Capital and founder of Stillwater Investment Management.
The sale capped a big couple of weeks for Hawaii real estate sales, Perry said, noting that just four days before Maui closed, Microsoft co-founder Paul Allen's estate for $43 million and a home in Oahu's Bayfront Community of Lanikai sold for more than $24 million about a week earlier.
To have such many sales over $20 million is great, Perry said.
The Maui house was not listed in the normal real estate market, said Thomas Weisel, agent for the seller Will McKinney.
The owner wanted to keep it open and didn't want to put it on the typical open market like exclusive listing was, McKinney said. We notified all of the brokers who could have a buyer of this caliber.
Hawaii's hot real estate market make it difficult for longtime residents, including Native Hawaiians, to afford to buy or rent homes, forcing them to leave Maui, said Stan Franco, president of Stand Up Maui, which advocates for affordable housing.
I think it's also a problem for people like myself who are older seeing this happening to our children and grandchildren, he said. And it's causing a lot of real-life bad feelings from local people to anybody from outside.