LIHUE Carlos Andrade paid just over $1 million for three of the four kuleana on Mark Zuckerbergs North Shore estate at a public auction Friday. The remaining land parcel went to a faction of the Rapozo family that put together a $700,000 bid.
LIHUE — Carlos Andrade paid just over $1 million for three of the four kuleana on Mark Zuckerberg’s North Shore estate at a public auction Friday. The remaining land parcel went to a faction of the Rapozo family that put together a $700,000 bid.
The first plot up for auction was the smallest of the four and sold for the most amount of money, after a short bidding war between Andrade’s attorney, Harvey Cohen, and Craig De Costa, a partner in the Lihue law firm representing a small contingent of defendants in the quiet title lawsuit.
Cohen opened the bidding on the second kuleana at $280,000. De Costa bid $285,000 after a brief consultation with someone on the phone. Cohen quickly upped the offer to $300,000, and the bidding stopped.
Cohen purchased the last two kuleana without contest. His opening offer of $460,000 won a 1.59-acre parcel, the largest of the four, and his $300,000 bid secured the final kuleana for his client, Andrade, who built a small cabin on the quarter-acre plot decades ago.
Andrade paid a combined total of $1,060,000 for the three pieces of land, but the fact that he was not able to buy all four may be significant. Speculation in the community and allegations in court filings claimed Zuckerberg’s virtually limitless funds would be made available to Andrade at the auction.
How exactly the retired college professor put together over a million dollars remains an open question, but Friday’s auction showed that Andrade’s financing did in fact have a ceiling.
