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Kawamoto Sells California Rentals

Residents Have 30 Days To Move

POSTED: 5:51 p.m. HST February 12, 2002
UPDATED: 6:09 p.m. HST February 12, 2002

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Japanese billionaire Genshiro Kawamoto is selling more of his property, this time in California.

KITV 4 News reported exclusively last week that Kawamoto put 59 homes on the market in one day. Now, he's selling hundreds of homes in Sacramento.

Eviction notices went out over the weekend to renters in several Sacramento neighborhoods from Genshiro Kawamoto's Honolulu law firm.

The landlord gave them 30 days to move out.

Kawamoto's attorney, Carol Asai-Sato, wrote, "The reason for service of this notice and termination of tenancy is that the owner intends to sell the premises and go out of the rental business."

A total of five neighborhoods, 419 homes and 1,300 people are affected.

The sell-off is controversial where the rental market is already very tight.

Asai-Sato said Tuesday night she is trying to get a statement from Kawamoto.

The sell off is similar to what happened in Honolulu last week when Kawamoto put 59 of his 161 properties on the market.

Asai-Sato said Thursday that the move was unusual and she did not know what motivated it.

The Sacramento Bee reported that Kawamoto bought entire subdivisions in Northern California between 1988 and 1990. That totaled to about 420 houses in the Sacramento area and 150 homes in Santa Rosa.

During that same time, Kawamoto was on a buying spree in Hawaii, buying 180 homes.

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