Kailua Beachfront Estate Reduced by $1.8 Million

Perhaps the third time is the charm for this Kailua beachfront estate, which recently had its third price drop. The nearly 8,000-plus-sq.-ft. Kailua residence designed by architect Peter Vincent was originally listed at $21 million, reduced to $14.8 million and has now settled in at a little less than $13 million. Built in 2008, the home is owned by Andrew Sasson, the founder and owner of The Light Group, a Las Vegas-based hospitality development and management company that operates food and beverage properties at the Bellagio Resort & Casino and the Mirage Hotel & Casino, among others.

The property, which is bordered by 82 linear feet of beach frontage, has envy-inducing views of Kailua Bay, a location perk that is fully taken advantage of by bays of windows (natural light is not an issue with this home), cozy lanais and indoor-outdoor living spaces. The residence consists of two separate structures: The main home fronting the beach, which has four bedrooms, including the large master suite, and four-and-a-half baths; and a guesthouse consisting of three “guest suites,” a media room, staff quarters and a garage. A hotel-like pool terrace with a gas barbecue, heated pool and travertine deck separates the two dwellings and looks like it was made for entertaining (a seemingly appropriate touch given the owner). Additional highlights include a steam room, wood and travertine flooring throughout, and a sleek, contemporary kitchen with stainless-steel appliances and butler’s pantry.

Money talk: The property was recently reduced to $12,995,000.

Contact: Mary Worrall Associates Sotheby’s International Realty: Mary Worrall, 228-8825, and Elizabeth Worrall Daily, 478-0080. www.oahureale.com.