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Posted: Tuesday, February 9th, 2010 4:55 AM HST

Makena Beach and Golf Resort to be sold at auction

By Associated Press

WAILUKU, Hawaii (AP) — The Makena Beach and Golf Resort on Maui is expected to be sold at public auction in April to pay mortgage debt in excess of $192 million. The auction was ordered by Circuit Judge Shackley Raffetto. He appointed real estate developer and broker Chris Lau as commissioner for the sale. Lau said Monday that he expects the resort to operate as usual through the change in ownership. The property formerly known as the Maui Prince Hotel has been owned since 2007 by a joint venture between affiliates of developer Everett Dowling and a Morgan Stanley real estate fund. Wells Fargo, as trustee for the mortgage debt, initiated foreclosure in August after the venture defaulted on its mortgage. (Copyright 2010 Associated Press. All rights reserved)