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Location: Honolulu, Hawaii
Price: $34,000,000
The Skinny: When a property lingers on the market for too long, brokers tend to get some crazy ideas in their heads about how best to rectify the problem. Take this coveted waterfront parcel on the Hawaiian island of Oahu. Purchased by the current owners in 2000 for $9.6M, the famed Kaiser Estate, on 5.4 acres, has been split into three plots for resale and priced for a tidy profit. The asking price for the trio is a whopping $80M, and this parcel, the largest of the three at two acres, is asking $34M. Those kinds of profits don't roll in without a little tweaking of the truth. In earlier sales literature, aerial photographs of the property showed the boathouse and pier, but no yacht. Well, apparently, the broker wasn't convinced the whole boathouse vibe was being adequately portrayed in pictures. So she went out, chartered a yacht, and hired the aerial photographer and pilot all over again, right? Maybe, but we don't think so. After taking a good hard look at the photo, we're going to call her bluff, or rather, her Photoshop. While the boathouse casts a shadow in the foreground, the yacht's white hull is reflected off the water. And the perspective shifts are nice and obvious, too. For shame! With $24M+ in profits on the line, we'd expect a bit better.
· Famous Kaiser Boathouse [Sotheby's]
· Honolulu's Kaiser Estate Still Seeks Buyer [Honolulu Magazine]
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