Atlanta firm buys 500 acres of Hawaii land

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An Atlanta-based investment advisor has purchased 500 acres of agricultural land on the Big Island of Hawaii for $3.5 million.
Domain Capital Advisors, which has more than $4 billion assets under management, paid $7,000 per acre on its purchase of the hundreds of acres at the Kealakekua Heritage Ranch on the Kona Coast of the Big Island. The seller was Tom Pace.
The land on Greenwell Mountain Road has a market value of about $2 million, public records show.
The land has one improvement, a single-story, 1,412-square-foot home that was built in 1972.
There have been several big land purchases by notable Mainland investors in the last several years including Oracle Corp.'s former CEO Larry Ellison's $300 million purchase of 98 percent of the island of Lanai in 2012 and Facebook CEO Mark Zuckerberg's more than $100 million purchase of hundreds of oceanfront acres on the island of Kauai. Molokai Ranch, which consists of about 35 percent of the island, is currently listed for $260 million.

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