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Note 5 - Assets Held for Sale and Real Estate Sales
9 Months Ended
Sep. 30, 2014
Assets Held For Sale And Real Estate Sales Disclosure [Abstract]  
Assets Held For Sale And Real Estate Sales Disclosure [Text Block]

5.     Assets Held for Sale and Real Estate Sales


At September 30, 2014, assets held for sale consisted of a 620-acre parcel in Upcountry Maui and an unimproved 244-acre parcel of former agricultural land located in West Maui commonly known as Lipoa Point. 


On October 9, 2014, the Company sold Lipoa Point to the State of Hawaii for $19.8 million. The sale resulted in a gain of approximately $19.3 million, which will be included in the Company’s operating results for the quarter ending December 31, 2014. The sale is further described in Note 11.


At December 31, 2013, assets held for sale consisted of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course. In May 2014, the Company sold the property for $2.3 million and recognized a gain of $1.5 million. The Company utilized $1.9 million of the sale proceeds to release an approximately 1.1 acre property and building in the Kapalua Resort, commonly known as the Honolua Store, from the collateral held under its Wells Fargo credit facility and $0.4 million of the proceeds to repay its term loan with American AgCredit.


In June 2013, the Company sold a 7-acre parcel that was the last of its former agricultural processing facilities in Central Maui for $4.0 million. The sale resulted in a gain of $1.9 million and has been reflected in discontinued operations.