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

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.?

Len Mankowski

Here's what the Marquette Mining Journal reported:

Hawaiian trust to sell U.P. property
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
Member of the Central Lake Superior Watershed Partnership
Member Upper Peninsula Environmental Coalition

E-Mail: cfries@nmu.edu

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