Kauai’s Ultra Luxury Ghost Town

Saturday, October 15, 2011
Shawn Langlois, Yahoo! Finance
Submitted by: T.Hawkins

A 1,000 acre development called Kukui'ula catering toward ultra-rich plutocrats sits nearly vacant on Kauai's once pristine south shore.

The developers Alexander & Baldwin blame the economy for their lack of good fortune. After an initial brisk sales period in 2008, when they managed to sell over $100 million in plots, they have since seen their investors scrambling to dump their share of this "magical" ghost town.

Last year they sold a single property. And, the only resident of this expansive enclave for the 0.1% is a professional football player named Drew Brees. He is a Saint.

The developers remain optimstic. They are planning to offer an escalating raft of price points beginning at $1 million for a condo and rising rapidly to $20 million for a custom home.

Developers are the scourge of the earth.

Aerial view of Kukui'ula development