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REAL ESTATE HELD FOR SALE
9 Months Ended
Jun. 30, 2012
REAL ESTATE HELD FOR SALE  
REAL ESTATE HELD FOR SALE

4.                                    REAL ESTATE HELD FOR SALE

 

During the quarter ended June 30, 2012, one of the homes developed by Kaupulehu 2007, LLLP (“Kaupulehu 2007”) was sold for $5,975,000 for a nominal loss.

 

During the quarter ended March 31, 2012, Kaupulehu 2007 recorded a $1,854,000 reduction in the carrying values of both houses held for sale to reflect a decline in the estimated market value of the two luxury residences.  The write-down is included in the Condensed Consolidated Statements of Operations under the caption “Reduction of carrying value of assets.”