A venture investor from Silicon Valley has provided more fuel to Hawaii’s red-hot housing market, selling his oceanfront compound on Maui for $42 million.
According to public records, the property that sold is located in Makena, on Maui’s south shore, and comprises two parcels totaling around 1.2 acres in size. The compound includes two main houses, several accessory dwellings and a coveted spot on the sandy shores of Po‘olenalena Beach.
Real estate records show that the sellers were Pierre Lamond and his wife, Christine Lamond. Pierre Lamond was a pioneering investor in the semiconductor industry who worked for Sequoia Capital and Khosla Ventures. Dave W. Richardson of Hawaii Life represented the buyer.
According to public documents, the Lamond family purchased the first parcel in Hawaii in 1989 for $1.5 million, covering approximately half an acre, and added the neighboring parcel in 2008 for about $10 million.
The sale is the latest in a string of transactions valued at more than $40 million in Hawaii, which has seen significant growth in the luxury property sector during the pandemic.
Since July, two additional Hawaii sales have topped $40 million. According to reports, San Francisco investment banker Thomas Weisel sold an oceanfront property on the Hawaiian island of Maui for $45 million in July. The estate of late Microsoft co-founder Paul Allen, located on the Big Island, sold earlier this year for $43 million.
According to a recent report from Hawaii Life, the state’s luxury real estate market continues to churn at a historic clip.
Across the state, luxury sales (sales of $3 million or more) are outpacing 2020 numbers in several categories, including the number of transactions recorded and the total dollar amount.
Though the first three quarters of 2021, 634 transactions exceeded $3 million, compared to 215 in the same period in 2020, representing a 194.9% increase. Residential properties accounted for 420 transactions, condominiums accounted for 166, and land accounted for 48.
Luxury sales reached approximately $3.7 billion in 2021, up from $1.94 billion in 2020, representing a 234.5% gain over the previous year.
A total of 466 sales occurred between $3 million and $5.99 million, 104 occurred between $6 million and $9.99 million, and 64 occurred at the ultra-luxury level of more than $10 million, according to the research.