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SUBSEQUENT EVENT
6 Months Ended
Mar. 31, 2012
SUBSEQUENT EVENT  
SUBSEQUENT EVENT

13.                            SUBSEQUENT EVENT

 

In April 2012, Kaupulehu 2007 entered into a contract to sell one of the luxury residences at a price below carrying value.  Accordingly, during the three and six months ended March 31, 2012, Barnwell recorded a $1,854,000 reduction in the carrying values of both houses held for sale to reflect this decline in the estimated market value of the two luxury residences.  The sale is currently in escrow and is estimated to close in the quarter ending June 30, 2012.  There is no assurance that this transaction will be consummated.