Re: E-M:/ U.P. land for sale

[Chris Fries <cfries@nmu.edu>]

At 01:13 PM 7/26/2002 -0400, you wrote:
> -------------------------------------------------------------------------
> Enviro-Mich message from "Leonard C. Mankowski"
> <lcmankow@mtu.edu>
> -------------------------------------------------------------------------
>
> Hi all-
>
> The article did not give any details concerning the area of land
> concerned. A quick google search on the Kamehameha Schools, Benson
> Forests
> and Shelter Bay Forests failed to turn up any specific geographic
> info (other than the Bishop Estate is one of the top UP
> landholders).  It
> appears there are significant holdings around Munising.... Does
> anyone have any other info about Kamehameha Schools' holdings in the
> U.P.?
>
> Thanks,
> Len Mankowski


Here's what the Marquette Mining Journal reported:

Hawaiian trust to
sell U.P. property
By BUD SARGENT
Senior Staff Writer
MARQUETTE — Hundreds of thousands of acres of Upper Peninsula land,
including prime waterfront property, will soon hit the market.
But don’t look for small tracts to be parceled out by local real estate
companies.
The Kamehameha Schools Trust of Hawaii, which owns 390,000 acres in 10
U.P. counties, will sell all of the land within the next year, according
to Martin Wilk, president and chief executive officer of Shelter Bay
Forests of Alger County’s Onota Township.
Shelter Bay Forests manages the property for the Kamehameha Schools
Trust, Wilk said. The land will be offered in one sale.
Based on other recent large-scale U.P. land sales, the Kamehameha Schools
Trust property will probably go for at least $400 per acre, he 
said.
That means the sale will be worth at least $150 million and probably
more, he said.
“Currently, an investment banking firm is being selected” to oversee the
transaction, Wilk said. “I believe a sale in early 2003 is
expected.”
In addition to hundreds of thousands of acres of commercial forest land,
the property includes 2¢ miles of Lake Superior shoreline in Gogebic
County, most of a small island off Delta County and much or all of the
property surrounding 230 inland lakes, he said.
Members of a board which oversees trust matters voted recently to sell
its U.P. holdings, he said. Worldwide, the trust portfolio is worth $5.75
billion.
“The reason for the sale is market conditions and their current asset
allocation model,” Wilk said. “The (trust) is moving away from ... real
estate.”
The trust, fueled by revenues from 337,000 acres of once royal lands, was
established in 1884 under the will of Princess Bernice Pauahi Bishop, a
descendant of King Kamehameha.
The king was the 18th-century chief who conquered and unified the
Hawaiian Islands.
Her will established Kamehameha Schools as the sole beneficiary. Today,
the campus is located on 600 acres of wooded tropical hillside
overlooking Honolulu’s downtown high-rises. It serves 3,100
students.
Kamehameha Schools Trust acquired the U.P. property in 1994 from Benson
Forest Products, in which the trust had been a limited partner, Wilk
said.
In 1991, Benson Forest Products purchased about 290,000 acres from Cliffs
Forests Products and about 70,000 acres from Connor Forest
Industries.
The trust acreage is located in these U.P. counties: Alger, 144,572;
Baraga, 29,570; Chippewa, 14,714; Delta, 22; Gogebic, 13,120; Houghton,
1,930; Luce, 91,871; Marquette, 38,578; Ontonagon, 25,801; and
Schoolcraft, 29,025.






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Chris Fries
Member Fred Waara Chapter TU
http://www.tu.org/
Member of the Central Lake Superior Watershed Partnership
http://superiorwatersheds.org/www/
Member Upper Peninsula Environmental Coalition
http://www.upenvironment.org/

E-Mail: cfries@nmu.edu

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