HONOLULU -- Genshiro Kawamoto explained Wednesday the surprising real estate sell-off he began last week.

The Japanese billionaire wants to use the money for other investments.

He said in a statement that he would sell half of the 161 rental properties he owns here and all 642 of his rental homes in California.

So far, 64 of Kawamoto's Hawaii properties are already on the market.

They range from an $850,000 home in Kahala to a $150,000 one-bedroom condo in Waikiki. The list prices total $19.275 million.

Kawamoto's attorney said another 16 Hawaii properties would be listed very soon.

The proceeds will be used for other investments in the United States and Japan.

"These investment opportunities are once-in-a lifetime opportunities and he does not want to let these pass," Kawamoto's attorney Carol Asai-Sato said.

Asai-Sato said offers have been made and accepted on many of the 64 properties already on the market.

Whether the current tenants are evicted will depend on the buyer.

"In some cases, yes, they will get eviction notices. In other cases the buyers whose offers we have accepted have stated that they will assume the tenant and the lease," Asai-Sato said.

Asai-Sato could not say which of the remaining properties will be sold. She did say that Kawamoto plans to keep a parcel on Queen Street for a high-rise development and 147-unit residential development in Kihei on Maui.

Many of the properties are listed below market and will be sold in "as-is" condition.