Kauai’s shuttered Coco Palms Resort sold at foreclosure auction
WAILUA (HawaiiNewsNow) - Yet another chapter begins for the Coco Palms Resort, which currently sits idle on Kauai’s east side.
Nearly 30 years have passed since the once famous resort was heavily damaged by Hurricane Iniki. Now the Wailua property has yet another new owner.
Private Capitol Group was the only bidder at a foreclosure auction Monday, offering just over $22 million for the land that was sold “as is.”
That capitol group was the lender for the previous owners, an LLC run by Chad Waters and Tyler Greene. However, they failed in their development plan and owed more than $45 million.
The capitol group is now free to sell the property to recoup its money.
So far, no word on the new owner’s plans, but the county was supporting a non-profit’s plan to turn the 46-acre property into a park.
Coco Palms was made famous in the film Blue Hawaii starring Elvis Presley. Since Iniki, the property has sat in disrepair under different owners, each with a different plan to renovate or revamp the area. All visions for the land however never came to fruition.
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