At least for now.

The collection of mortgage securities holders who have a $200 million lien against the 1,800-acre Makena Resort came out on top in a two-bidder foreclosure auction. The auction win protected their investment until a new property owner can be found, Sullivan said.

The top bid was $55 million by Wells Fargo Bank, which is the lenders' trustee, in what is believed to be the largest foreclosure in Maui history.

The mortgage holders won in a "credit bid," or paying for the title with what's owed them, Sullivan said. If they'd let Makena Resort slip away for any less than $200 million, the lenders would have lost money. Now, they can either resell the property once the title clears the courts - and the real estate market improves - or they can try to get most of their $200 million back at the upcoming confirmation hearing.

"That's where the action will really be," Sullivan said of the hearing to be held sometime in the next 45 days.

What does this mean? It means nobody chose to bid above the $200 million or so that the first mortgage holders are owed and since they believe the Makena Resort's value exceeds that, they chose to continue owning it. This story isn't close to over.