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Grand Wailea Maui Sold at Foreclosure Auction

The Grand Wailea on Maui has new ownership after it was sold at Foreclosure auction in New York this past Friday. The Grand Wailea was one of several properties previously owned by CNL Hotels & Resorts Inc, that were then acquired in 2007 by a Morgan Stanley’s real estate fund. The properties were taken back from Morgan Stanley by by investors who held junior debt on the portfolio, after Morgan Stanley defaulted on the debt.

For more from the Star Advertiser click here.

What are your thoughts of foreclosures and how they’ve affected Maui real estate? Have we seen the worst? Or is the worst yet to come? Please join the discussion. We’d be glad to hear your feedback.