Note 2 - Assets Held for Sale and Real Estate Sales

12 Months Ended

Dec. 31, 2014

Assets Held For Sale And Real Estate Sales Disclosure [Abstract]

Assets Held For Sale And Real Estate Sales Disclosure [Text Block]

2. ASSETS HELD FOR SALE AND REAL ESTATE SALES

At December 31, 2014, assets held for sale consisted of a 630-acre parcel of fallow agricultural land in Upcountry Maui. At December 31, 2013, assets held for sale consisted of the Kapalua Plantation Golf Course maintenance facility.

In October 2014, the Company sold its Lipoa Point property to the State of Hawaii for $19.8 million. The sale resulted in a gain of approximately $19.3 million.

In May 2014, the Company sold the Kapalua Plantation Golf Course maintenance facility to the owner of the golf course for $2.3 million. The sale resulted in a gain of $1.5 million. The Company utilized $1.9 million of the sale proceeds to release 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 November 2013, the Company sold a 10-acre light industrial zoned parcel in West Maui for $5.4 million. The sale resulted in a gain of $2.1 million. Proceeds from the sale were used to fund the Company’s $2.4 million payment toward deferred maintenance as part of The Residences at Kapalua Bay settlement (Settlement) and to paydown its American AgCredit term loan. Approximately $0.9 million of the sale price was deferred until certain post-closing obligations of the Company were completed. These obligations were not met and $0.6 million were recognized as revenues in 2014.

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