Mortgage Loans Payable

12 Months Ended

Dec. 31, 2011

Mortgage Notes Payable Disclosure [Text Block]

MORTGAGE LOANS PAYABLE

	December 31,
	2011		2010
Mortgage loan payable, fixed interest rate of 4.19% interest only through November 2013, interest and principal due monthly beginning December 2013, unpaid principal due upon maturity on November 2018, secured by multi-family property	$	14,357,000	$	17,497,000
Mortgage loan payable, variable interest rate of long-term prime lending rate plus     3.50% (4.80 % at December 31, 2010), prime rate adjusts in April and August, repaid April 2011	—		2,784,000
Mortgage loan payable, variable interest rate of 1.00% over prime, interest due     quarterly, principal due based on release prices for settled loans, unpaid     principal due upon maturity on May 2013	4,391,000		14,968,000
Mortgage loan payable, fixed interest rate at 6.75% at December 31,      2011, interest only paid monthly, due June 2016, secured by office building	12,000,000		—
	$	30,748,000	$	35,249,000

During 2011, Kennedy-Wilson entered into a mortgage loan payable for $5.0 million secured by its 2,700-acre ranch in Hawaii. The note bore interest at the First Hawaiian Bank Prime Rate plus 2.50%, was interest only, and set to mature in April 2014. The loan was repaid in full in April 2011.

During 2010, Kennedy-Wilson assumed debt secured by a project in Hawaii (see Note 5) of $32.7 million and simultaneously settled the note for $16.0 million, resulting in a gain on early extinguishment of debt in the amount of $16.7 million (net of closing costs).

The aggregate maturities of mortgage loans payable subsequent to December 31, 2011 are: $0 in 2012, $4.4 million in 2013, $0.2 million in 2014, $0.3 million in 2015 and $25.8 million thereafter.

Bay Fund Opportunity [Member]

Mortgage Notes Payable Disclosure [Text Block]

-—MORTGAGES PAYABLE

Mortgages secured by Marina Cove and Shores totaled $58,890,863 and $65,249,799 (unaudited) as of December 31, 2011 and 2010, respectively. The mortgages are collateralized by the properties and bear interest of LIBOR plus 2.25% (2.528% at December 31, 2011). The mortgages mature on June, 26, 2013 and require monthly principal and interest payments through maturity.

Aggregate principal payments due under the mortgages payable are as follows:

Year	Mortgages Payable
2012	$	892,515
2013	57,998,348
2014	—
2015	—
2016	—
Thereafter	—
Total	$	58,890,863

SJ Real Estate [Member]

Mortgage Notes Payable Disclosure [Text Block]

MORTGAGE LOAN PAYABLE

On November 5, 2010 the Company entered into a loan agreement with German American Capital Corporation (the Lender) in the principal amount of $67,000,000 (the Loan) with monthly interest‑only payments due until maturity November 5, 2012. The Loan bears interest at LIBOR plus a spread. The initial spread is 8%, which was reduced to 7% when title was acquired to the Property. If on the first day of any calendar month, leases have been entered into in accordance with the loan documents such that the physical occupancy and the rental income payable during such calendar month shall have increased by 10% or more from the first day of the immediately preceding calendar quarter, then the spread shall be reduced by 0.25%; however, the spread shall not be less than 6%, with monthly interest‑only payments due until maturity November 5, 2012.

During November 2012, the nonrecourse loan secured by the Property will mature. Management's plan includes negotiating with the existing lender a multi‑year extension, financing the Property with other lenders, selling the property or use additional capital contributions from current investors to extinguish the debt. Management believes they will be successful in executing either an extension or a new loan on acceptable terms. Management currently believes that there will not be any required pay down associated with the debt's maturity. If pay downs are required to satisfy the lender, management intends to use additional capital from investors and the Property's existing cash balances to make the necessary pay downs at the time of the maturity.

KW America and Santee Village [Member]

Mortgage Notes Payable Disclosure [Text Block]

4-MORTGAGE LOANS PAYABLE

WESTERMORELAND (CITY HEIGHTS)—City Heights entered into a loan agreement, dated February 21, 2007 with Wachovia Bank, N.A., an affiliate of WDC, for the principal sum of $98,000,000 (unaudited). The note accrues interest at 5.65% per annum with interest‑only payments on the 11th day of each month until the loan matures on March 11, 2017. Upon maturity, all remaining accrued interest and principal become due.

There is no prepayment permitted prior to January 11, 2017; however, if a prepayment is accepted by the lender then the borrower shall give a 60 to 90 days notice and provide replacement collateral in the form of direct noncallable fixed rate obligations of the United States of America or other noncallable fixed rate obligations other than U.S. Treasury obligations (acceptable to the lender) that provide for payments on the same (or similar) date in the same or similar payment amount.

The loan is secured by mortgage, deed of trust, and security instrument from borrower for the benefit of lender, covering the property.

WEST CAMPUS (HEIGHTS ON WEST CAMPUS)—West Campus entered into a loan agreement, dated March 29, 2007 with Bank of America N.A. for the principal sum of $37,750,000 (unaudited). The note accrues interest at a fixed rate of 5.423% per annum and requires interest‑only payments monthly until the loan matures on April 1, 2017. Upon maturity all remaining accrued interest and principal become due.

There is no prepayment permitted prior to February 1, 2017; however, if a prepayment is accepted by the lender then the borrower shall give a 60 to 90 days notice and provide replacement collateral in the form of direct noncallable fixed rate obligations of the United States of America or other noncallable fixed rate obligations other than U.S. Treasury obligations (acceptable to the lender) that provide for payments on the same (or similar) date in the same or similar payment amount.

The loan is secured by mortgage and loan documents for the benefit of lender, covering the property.