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Note 2 - Assets Held for Sale and Real Estate Sales | 12 Months Ended
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Dec. 31, 2015
Notes to Financial Statements |
Assets Held-for-Sale and Real Estate Sales Disclosure [Text Block] |
2. | ASSETS HELD FOR SALE AND REAL ESTATE SALES
At December 31, 2015 and 2014 assets held for sale consisted of the following:
|  | December 31 , |  |  | December 31, |
|  | 201 5 |  |  | 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 |  |  | 70 |  |  |  | - |
Assets held for sale |  | $ | 262 |  |  | $ | 147 |
In September 2015, the Company sold the 25-acre Kapalua Golf Academy parcel and related facilities for $12.0 million. The property was sold without any development entitlements. The sale resulted in a gain of approximately $10.2 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.
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 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.

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- Definition This element represents description and amounts relating to assets held for sale and sale of real estate inventories. Disclosure may include the description of the facts and circumstances leading to the expected disposal, manner and timing of disposal, the carrying value of the assets held for sale, the gain or loss recognized in the income statement and the income statement caption that includes that gain or loss. For sale of real estate inventories, the disclosure may include the revenues and profit or loss recognized in the income statement. + References No definition available. + Details
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- References No definition available. + Details
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Balance Type: | na
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