Parker Ranch Sues to Foreclose

Hawaii’s historic Parker Ranch has filed a foreclosure lawsuit against Michael Saalfeld, a German clean energy entrepreneur. According to Pacific Business News, Saalfeld agreed to pay $49.5 million to purchase a total of 3,509 acres in 35 parcels from the Waimea ranch in 2010. The suit, which was filed in Honolulu, claims that Saalfeld failed to fulfill his obligation and owes the ranch more than $53 million, including interest. In 1992, Richard Parker Smart deeded the fabled ranch, complete with his art collection, to a trust to support a variety of charitable beneficiaries in the Waimea community.
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