Honolulu real estate mogul Michael Fung recently sold a home in Hawaii’s most expensive neighborhood, where he paid $6,000 for a 1,300-square-foot two-bedroom.
“I had a couple people asking me, ‘You’re buying a house?'” he told The Jerusalem Times.
“And I’m like, ‘No, no, no.'”
Fung bought the house at the corner of North Island Road and North Maui Street in Honolulu’s Waikiki neighborhood in 2009, the year before he launched his real estate empire.
Fung, who is also a billionaire in China, bought the home for $1.6 million.
He says he’s never bought a home that price before.
“In Hawaii, you can’t just buy a house for $4 million,” he said.
“So I went in and I looked at it and it was just an amazing deal.
It was a beautiful house with a big yard.”
Fung sold his house for the same price as a house in his home city of Shanghai, China.
Fuhng, who started his real-estate business in 1997, is the second-wealthiest American in Hawaii, with an estimated net worth of $10 billion.
His real-life experience has drawn comparisons to that of real estate moguls who make a living off their fame.
Michael Fuhung is the latest to be crowned the world’s richest person.
But Fung is far from the only millionaire to be so bold about buying Hawaii’s priciest neighborhoods.
“It’s hard for people to realize how rich they are, especially when you’re in Hawaii,” said David C. Coyle, a former Hawaii Supreme Court Justice and a professor at the University of Hawaii.
“There’s no doubt that there’s a lot of money to be made here.
It’s just a matter of where it’s going to be.”
Fuhling has made the Hawaii real estate market his own personal playground.
“Hauaʻi is so hot right now, people are buying houses in the suburbs all the time, but they have to have a lot to sell,” he told Honolulu’s KHON-TV in February.
“They have to build some sort of realtor office.
And it’s kind of a nice place for me to come in and do this.”
Fusi was born in New York City to a family of Japanese immigrants.
His mother is an entrepreneur and his father is a professional golfer.
He grew up in Hawaii and attended the University