Agriculture
In 1996, Cole bought 425-acre (1.72 km2) farm called Sunnyside Farms in Rappahannock, Virginia. Upon leaving America Online in 1997, he focused on organic farming. He worked to remove diseased trees, restore the soil, install an irrigation system and gain organic certification for Sunnyside Farms, which became a major retailer and supplier of premium organic meats and produce in mid-Atlantic markets. Since 1997, Cole has been president of Aquaterra, Inc., an investment management firm that serves as managing general partner for Pan Pacific Ventures and Catalyst II, partnerships with interests in software, real estate, agriculture, retailing, and consumer products. He sold Sunnyside in 2006.
On October 15, 2003, Cole was appointed chairman, president and chief executive officer of Maui Land & Pineapple Company. Former AOL Time Warner Chairman Steve Case was a large stockholder of Maui Land & Pineapple. During Cole's appointment, the company reinvested in its three primary business divisions: agriculture including Maui Pineapple Company, the resort and real-estate through the Kapalua Land Company. Partnerships to invest in renewable energy and sustainability initiatives included the Sustainable Living Institute of Maui (SLIM), started in 2004, and Hawaii BioEnergy formed in 2006 to research renewable energy in Hawaii. In 2006, plans were announced to expand Kapalua Resort with a Ritz-Carlton Hotel.
Cole was reported as the second highest paid executive in Hawaii for 2007, despite missing five of seven performance goals. On June 11, 2008, Kamehameha Day, he rang the closing bell of the New York Stock Exchange to celebrate MLP's move from AMEX. Lehman Brothers, who had provided the financing for the Kapalua expansion, declared bankruptcy in September. After losses through 2008, Cole was replaced as of January 1, 2009. The Kapalua loan was in default, and finally was foreclosed in 2010.
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