In their sweep of Hawaiian real estate, the founders of Chinese fast food chain Panda Express have snapped up one of the priciest homes in the new Waiea luxury tower in Honolulu.
Cherng Family Trust, which oversees the finances of Panda Express co-founders, husband and wife Andrew and Peggy Cherng, bought the 32nd-floor penthouse for nearly $14 million, according to Honolulu property tax records. It’s one of 10 penthouses—and one of the most expensive units sold—in the 36-story story tower by architect James K.M. Cheng and local firm WCIT Architecture.
More:Click to read more about celebrity and business tycoon real estate moves
The most expensive unit in the building, which recently opened, is the "grand penthouse," which is on the market for $35 million.
The Cherngs’ new penthouse has views over the Pacific Ocean, four bedrooms, four-and-a-half bathrooms and 4,131 square feet of space, according to a previous listing with Douglas Shanefield of Coldwell Banker Pacific Properties. Mr. Shanefield did not immediately return a request for comment.
The couple opened the first Panda Express in 1983 in Glendale, California, and grew the chain to more than 1,900 locations in the United States, Mexico, Canada and a few cities outside of North America. The Cherngs have a net worth of roughly $3.1 billion, according to Forbes.
The penthouse purchase is just the latest in a string of property investments by the Cherng Family Trust, according to Pacific Business News, which first reported the Waiea sale.
The trust reportedly purchased a beachfront mansion elsewhere in Honolulu for $15.2 million in 2015. Last year, they bought six units at the Symphony Honolulu high-rise condominium for a combined total of $7.4 million.
The Cherng Family Trust could not immediately be reached for comment.