INVESTMENT IN REAL ESTATE, NET (Apartment Complex [Member])

12 Months Ended

Jun. 30, 2014

Apartment Complex [Member]

Real Estate Properties [Line Items]

Real Estate Disclosure [Text Block]

NOTE 4 – INVESTMENT IN REAL ESTATE, NET

The Company owns and operates a 27-unit and a 2-unit multi-family apartment complex located in Los Angeles, California and owns land held for development located in Maui, Hawaii. As of June 30, 2014 and 2013, investment in real estate included the following:

	2014		2013
Land	$	2,430,000	$	2,430,000
Buildings, improvements and equipment		2,580,000		2,580,000
Accumulated depreciation		(1,002,000)		(941,000)
		4,008,000		4,069,000
Land held for development		973,000		973,000
Investment in real estate, net	$	4,981,000	$	5,042,000

Depreciation expense for the years ended June 30, 2014 and 2013 was $63,000 and $62,000, respectively.

In August 2007, Portsmouth agreed to acquire 50% interest in Intergroup Uluniu, Inc., a Hawaiian corporation and a 100% owned subsidiary of InterGroup, for $973,000, which represents an amount equal to the costs paid by InterGroup for the acquisition and carrying costs of approximately two acres of unimproved land held for development located in Maui, Hawaii. As a related party transaction, the fairness of the financial terms of the transaction were reviewed and approved by the independent director of Portsmouth.