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REAL ESTATE HELD FOR SALE
12 Months Ended
Sep. 30, 2011
REAL ESTATE HELD FOR SALE  
REAL ESTATE HELD FOR SALE

4.                                    REAL ESTATE HELD FOR SALE

 

Kaupulehu 2007 is a Hawaii limited liability limited partnership 80%-owned by Barnwell.  At September 30, 2011, Kaupulehu 2007 owns two luxury residences that are available for sale in the Lot 4A Increment I area located approximately six miles north of the Kona International Airport in the North Kona District of the island of Hawaii, north of Hualalai Resort at Historic Ka’upulehu, between the Queen Kaahumanu Highway and the Pacific Ocean.

 

During the year ended September 30, 2010, due to changes in fair values for real estate in the Lot 4A Increment I area of Kaupulehu, North Kona, Hawaii, Barnwell recorded a $571,000 write-down of its real estate held for sale.  Barnwell recognized an additional impairment loss of $418,000 during the year ended September 30, 2011 primarily due to changes in fair values in the area of Kaupulehu 2007’s interests.