HONOLULU -- The city has reached an agreement with the landowner of Waimea Valley, according to sources.

Sources told KITV that the New York investor who owns the land has agreed to turn it over to the city and other organizations for about $14 million.

Christian Wolffer's lawyers had previously said he needed at least $20 million for the property, which they claimed had a market value of $40 million.

Under a mediated settlement, sources said the city will kick in about half of the settlement cost, roughly $7 million. Three other organizations, the Office of Hawaiian Affairs, the U.S. military and the Trust for Public Land, will cover the other $7 million, according to sources.