The Royal Family sells a tract of land on the southeast coast of the island of Hawaii for the sum of $700 to the son of a missionary, Samuel Mills Damon. The land is identified as "Ahupuaa," referring to the ancient Hawaiian land division system which runs from the ocean to the mountain ridge.
Born in Honolulu in 1845, Damon was educated at Punahou Preparatory School and Punahou Academy. In 1871, he joined the Bank of Bishop & Co., the only bank in the islands. By 1881, he became a full partner in the bank, and bought Bishop's share in the bank in 1895. The bank is known today as the First Hawaiian Bank. Given his business acumen and meteoric rise in banking, King Kalakaua appointed Damon part of his privy council in 1884. He also served as minister of finance at various times under the Provisional Government and the Republic (1889–1900). Damon was also an executor of the estate and trustee of the philanthropic trust of Bernice Pauahi Bishop, the last surviving direct descendant of King Kamehameha I and wife of Damon's banking partner Charles R. Bishop. She was the largest private landowner in the islands (owning about one-ninth of the islands). At her death in 1884, Damon was bequeathed a large estate to the west of Honolulu. This bequest, paired with Damon's own profitable business dealings, rendered Damon's family one of the most prominent families not only in Hawaii but also in the United States. The trust that Damon established was to be dissolved upon the death of his last grandchild, which occurred in 2004 at which time the trust was worth in excess of $500 million.
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