ASSETS HELD FOR SALE AND REAL ESTATE SALES

12 Months Ended

Dec. 31, 2013

ASSETS HELD FOR SALE AND REAL ESTATE SALES

ASSETS HELD FOR SALE AND REAL ESTATE SALES

2.     ASSETS HELD FOR SALE AND REAL ESTATE SALES

        At December 31, 2013, assets held for sale consists of a 4-acre parcel and building that serves as the maintenance facility for the Kapalua Plantation Golf Course.

        In November 2013, the Company sold a 10-acre light industrial zoned parcel in West Maui for $5.4 million. The sale resulted in a gain of $2.1 million. Proceeds from the sale were used to fund the Company's $2.4 million payment toward deferred maintenance as part of The Residences at Kapalua Bay settlement and to paydown its American AgCredit term loan. Approximately $0.9 million of the sale price has been deferred until certain post-closing obligations of the Company are completed.

        In June 2013, the Company sold a 7-acre parcel and building that was the last of its former agricultural processing facilities in Central Maui for $4.0 million. The sale resulted in a $1.9 million gain included in discontinued operations.

        In January 2012, the Company sold an 89-acre former agricultural parcel in Upcountry Maui for $1.5 million. The sale resulted in a gain of $1.4 million.