KAUAI'S FIRST BILLIONAIRE: STEVE CASE !!

Near the end of 2000, the chairman of America Online (AOL) purchased
Kauai's Grove Farm Co. Inc. That makes Mr. Case the second largest
private landowner on Kauai as Grove Farm has approximately 22,000
acres of land that stretches along Kauai's South-Eastern Coast from 
near Kipu Kai to next to the Poipu Bay Golf Course. Included in the 
company are Kauai's only regional mall, Kukui Grove Shopping Center,
and the ten hole Puakea Golf Course, both located in Lihue.

Steve Case has roots in Hawaii and on Kauai. He is a graduate of
Punahou. His father is a prominent attorney in Honolulu
and his grandfather was Grove Farm's chief financial officer for
approximately forty years. When Steve was just a boy, he enjoyed
swimming at Poipu. Now he owns a big chunk of it !!

Actually, Steve Case may not be Kauai's first billionaire property 
owner, as there are some very affluent Kauai property owners (along
with us not-even-close-to-affluent-property-owners). However,
Mr. Case's visibility in the business world stands out just as much
as the size of his purchase on Kauai. 

The total purchase price was about $100 million. A little over $26 million
in cash was paid and about $61 million in debt was taken over, plus
committed funds of around $14 million for improvements to The Kukui 
Grove Shopping Center and to the company water systems.

Steve Case is not unfamiliar to Hawaiian real estate. He purchased a
substantial interest in a Maui real estate holding/development corporation
in 1999.

The largest private landowner on Kauai is the Robinson Family Partners
which own approximately 51,000 acres, including the island of Niihau.

                                                      

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