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Note 5 - Assets Held for Sale and Real Estate Sales
9 Months Ended
Sep. 30, 2015
Notes to Financial Statements  
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block]
5
.
ASSETS HELD FOR SALE AND REAL ESTATE SALES
 
Assets held for sale at September 30, 2015 and December 31, 2014 consisted of the following:
 
 
 
September 30
,
201
5
 
 
December
31,
2014
 
 
 
(in
thousands)
 
Upcountry Maui, 630-acre parcel of agricultural land
  $ 147     $ 147  
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility
    45          
West Maui, 5-acre fully entitled, 42-unit workforce housing project
    24          
Assets held for sale
  $ 216     $ 147  
 
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12 million. The property was sold without any development entitlements. The sale resulted in a gain of approximately $10.5 million. The Company utilized the net proceeds from the sale as follows:
 
 
$2.7 million to release the Kapalua Golf Academy and the adjacent 3-acre Kapalua Village Center property from the collateral held under its Wells Fargo credit facility,
 
$2.3 million prepayment toward the release of the 2-acre Merriman’s Restaurant property in the Kapalua Resort from the collateral held under its Wells Fargo credit facility,
 
$4.8 million pay down of its American AgCredit term loan, and
 
$1.8 million for operating working capital.