Note 5 - Assets Held for Sale and Real Estate Sales

3 Months Ended

Mar. 31, 2017

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

March

31,

2017

and

December

31,

2016

consisted of the following:

	March 31, 2017		December 31, 2016
	(in thousands)
Upcountry Maui, 630-acre parcel of agricultural land	$	156	$	156
Kapalua Resort, 15-acre Kapalua Golf Academy practice course		-		247
Upcountry Maui, 80-acre parcel of agricultural land and wastewater treatment facility		56		56
Assets held for sale	$	212	$	459

None of the above assets held for sale have been pledged as collateral under the Company’s credit facility.

In

February

2017,

the Company sold the

15

-acre Kapalua Golf Academy practice course located in the Kapalua Resort for

$7.0

million to the owner of the Kapalua Plantation and Bay Golf Courses. The property was sold without any development entitlements. The sale resulted in a gain of approximately

$6.4

million. The Company applied

$5.6

million of the sale proceeds toward its revolving line of credit facility.