The Wall Street Journal reported this week on the sale of most of the agricultural land owned by the George Galbraith Trust in a deal that will preserve the 1,750 acres in agricultural use (“Heirs Preserve Hawaiian Tract“).
By Monday evening, local media read the journal and apparently learned about the deal for the first time, although it has been in the works for years. Here’s a PBN story published yesterday, which cites my Galbraith blog.
The Journal made at least one mistake. I’m not among the Galbraith beneficiaries. My mother is.
My great-grandfather, Robert William Cathcart, was a close friend of George Galbraith. Both men came from the same area of Ireland. Cathcart, and five of his children, were among the original beneficiaries.
I wrote about the Galbraith Estate back in my old Hawaii Monitor newsletter back in 1993. This trust was established after Galbraith’s death in 1904.
I also blogged for several years about the trust and all the politics surrounding it, and have uploaded a number of Galbraith-related documents which are available for viewing, including a listing of beneficiaries.
As I explained in that newsletter article, the Galbraith Estate reflected all the ills of 20th century Hawaii.
Through its first century, beneficiaries received annual distributions totaling about $7,500. Meanwhile, the trustee, its attorneys and consultants, and the IRS raked in hundreds of times that amount.
There are lots of other details available about the land sale. The city’s Docushare system has the original application for funding submitted by the Trust for Public Lands in 2010, as well as other related documents.
Search for “galbraith” in the archive of the 2008 legislative session and you’ll get a bunch of links to additional documents.
How much of the anticipated $24 million can the beneficiaries expect to receive, given the trustee’s track record?