The historic Walker Estate in Nu'uanu is safe from demolition — for now.

Officials say the company attempting to buy the century-old property and tear it down did not complete the sale. The 5.7-acre property, with an eight-bedroom home, lush gardens and a score of exceptional trees, is back on the market for $12.9 million.

"That's good news, but there's still no good solution," said Nancy Bannick, a longtime historic preservationist.

Bannick and others had fought to save the home from demolition. Now, they are pushing the state to take action before another developer comes into the equation. But though state officials support attempts to save the home, they have said they do not have the money to purchase it — even through condemnation.

In September, the company attempting to buy the Walker Estate announced plans to tear down the Pali Highway icon, which is listed on state and national historic registers. TR Partners LLC said long-term plans for the site were not decided. But earlier, the partnership had submitted plans to subdivide the property and build as many as 20 new homes.

A representative with TR Partners could not be reached for comment.

Estate owner Holy-Eye LLC, an affiliate of a Taiwan-based Buddhist church, put the two-story home up for sale more than a year ago, saying it was too expensive to maintain and restore. Holy-Eye bought the estate in 1998 for $5 million.

In a Dec. 19 letter, Gov. Linda Lingle told the Daughters of Hawai'i she is hopeful any "future purchaser will recognize the historic value of the property and assure its existence as a reminder of a bygone era in Hawai'i's unique history."

The Daughters had asked Lingle for help in stopping the demolition of the home, and its removal from state and national historic registers. Lingle told the Daughters the estate would only be removed from the registers if it is destroyed.

Reach Mary Vorsino at mvorsino@honoluluadvertiser.com.