Private Schools: Legacy of a Princess

The view overlooking Honolulu from Diamond Head to Pearl Harbor is splendid. Dotting the 500-acre hillside site are an Olympic-sized swimming pool, tennis courts and other lavish facilities, valued at $25 million. Hawaii's latest tourist haven? Not at all. The spread belongs to the Kamehameha Schools, sole beneficiary of a philanthropic native princess of the last century, whose legacy in real estate encompasses 9% of the state's area (including land leased by the Royal Hawaiian and new Kahala Hilton hotels) and is worth at least $250 million. This year the holdings will...

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