A roughly 34-acre property on Kauai's north shore with a path leading to the Hawaiian island's famed Secret Beach is heading to auction in September, if a buyer doesn't snatch it up first for its $50million list price on the open market.
The property features 2/3-mile of oceanfront and three small homes - a 950-square-foot villa, and two 500-square-foot guest cottages that can be used as vacation rentals, according to Concierge Auctions, the firm in charge of the sale.
Zoning allows for five additional cottages to be built on the property, giving whoever decides to purchase the piece of real estate options to develop it as they see fit.
A 34-acre property on Kauai's north shore is going to auction in September if it doesn't first sell for its $50million list price
The property has near exclusive access to the island's famed Secret Beach, and features a path directly to the sandy stretch
There are no public roads leading to Secret Beach, which features black lava rock outcroppings and cliffside backdrop
There are no public roads to the island's Secret Beach, officially known as Kauapea Beach, which gives whoever owns property along it near exclusive access to the secluded sandy stretch with black lava rock outcrops backdropped by a cliffside and vegetation.
Other features of the property include a 450-square-foot agricultural outbuilding zoned for office space, as well as a series of winding pedestrian trails and a lily and lotus pond with a waterfall.
The auction has no minimum reserve, meaning the property could sell as little or as much as the bidders dictate.
The property features both pedestrian and vehicular access to the beach, giving the owner near unrivaled access
In addition to rolling vegetation, the property also features a 2/3-mile of oceanfront of the island in Hawaii
It is located off of Kauapea Road, which is one of the priciest streets on the island and in 2018 had a piece of property exchange hands for $46.1million
Owner Michael Shotey, founder of electrical products company Taymac, said he went the auction route in the hope of finding more international buyers, the Wall Street Journal reported.
Shotey, who owns the property along with his son Marcus, also hopes that not having a minimum reserve on the auction will drive additional interest.
They said they are not in a rush to sell, but found the auction route with a defined sale date 'enticing.'
In addition to the its outdoor offerings, the piece of real estate currently features a 950-square foot villa and two guest cottages
The two 500-square-foot guest cottages are licensed for vacation rentals, according to Concierge Auctions, which is handling the sale
Each cottage features one bedroom one bedroom, and the property was last purchased by owner Michael Shotey in 2012 for $10.75million
The parcel is zoned to allow for the construction of five additional cottages, giving the owner flexability to develop it as they see fit
Bidding is set to open on September 17 and close on September 23.
The Shoteys first bought the property for $10.75million in 2012, and it is located on Kauapea Road, one of the island's priciest streets, where a property exchanged hands in 2018 for a record $46.1million, listing agent Newl Norman of Hawaii Life Real Estate Brokers told the Journal.
Shotey lives in Arizona, and said he is looking to sell the property because his family is not around enough to enjoy it.
'We travel a lot,' he told the Journal. His family owns additional property in Brazil, the Dominican Republic, Colombia and the Philippines.
It also features a lily and lotus pond along with a waterfall, and goes up to auction on September 13
