Web Site Sells Real Estate Lots That Won’t Exist for 10,000 Years
This article is from the archive of The New York Sun before the launch of its new website in 2022. The Sun has neither altered nor updated such articles but will seek to correct any errors, mis-categorizations or other problems introduced during transfer.
HONOLULU — Real estate is often a long-term investment.
But 10,000 years? Lo’ihi Development Co. will soon start offering ocean-view lots speculators won’t even be able to stand on for many millennia.
That’s because they’re currently submerged more than 3,000 feet below sea level — on an underwater volcano called Lo’ihi, located about 20 miles southeast of the Big Island.
His Web site will be renovated in the next couple of weeks to officially begin selling parcels for an introductory price of $39.95. Buyers will receive a brochure and a “deed,” but much like Internet groups that claim to sell stars, they probably can’t call themselves owners.
“What’s the scam?” said Norm Nichols, co-developer of the online venture. “If you really think there’s something here that you can’t live with, nobody’s forcing you to buy it. It’s meant to be fun.”
Mr. Nichols and his business partner, Linda Kramer, both Honolulu entrepreneurs, envision online chat rooms and newsletters to discuss everything from street names to what kind of government to install.
They want to hold a “homeowners association” meeting — a boat ride over the volcano — every April Fool’s Day.
Scientists don’t really know when, or if, Lo’ihi will break the surface of the Pacific Ocean. Many guess about 10,000 years, but it could be much longer than that.
