HONOLULU, Hawaii - March 10, 2010 - The Makena Beach and Golf Resort on Maui will be sold at a foreclosure auction April 29.

The 1,800-acre resort, purchased by Maui developer Everett Dowling and Morgan Stanley for $575 million in 2007, will be sold “as is.” The auction will be held in the lobby of the Wailuku court building on Maui, according to a notice of foreclosure sale published Wednesday.

The sale includes the fee-simple interest in the 310-room hotel, two 18-hole Robert Trent Jones, Jr.-designed golf courses - one of which is closed for restoration - golf clubhouse and pro shop, driving range, tennis courts, restaurants and bars, pools and Jacuzzis and other retail space.

The resort, including the hotel and golf courses, is expected to remain open, with no changes for employees or guests.

Interested bidders must register at least five business days before the auction with Chris Lau, a Honolulu real estate developer and broker, who is commissioned to sell the property. Bidders will be required to make a 10 percent down payment on the sale, which must be confirmed by the court.

Wells Fargo, acting as trustee for the registered holders of the commercial mortgage securities that secured the property, filed for foreclosure in August 2009 after the Dowling-Morgan Stanley venture defaulted on its mortgage and other debt obligations. The amount owed is more than $192.5 million including interest and late charges.