- 9 -
At the outset, we note that respondent raised the issue of
Mr. Handverger's censure by the Society of Real Estate Appraisers
(the Society) in 1986 for violation of several sections of the
Standards of Professional Practice and Conduct of that
organization.4 The specific circumstances of Mr. Handverger's
censure are not evident. Mr. Handverger is still a licensed
appraiser and a member of the Society of Real Estate Appraisers.
Therefore, we will recognize him as an expert witness. Mr.
Handverger valued the Property at $12.5 million as of September
30, 1986.5
Mr. Segel is also a certified general real estate appraiser
in the Commonwealth of Massachusetts. He has been in the
appraisal business since 1959 and has experience appraising
property requiring the approval of a subdivision plan,
construction of roads, and unusual site conditions. In his
report, Mr. Segel stated that the Property's fair market value
immediately prior to October 15, 1986,6 was $12,225,000.
4In particular, sec. 5.0000 of the Society's Standards of
Professional Practice and Conduct requires that each member
"Render properly developed, unbiased and objective value
opinions, and render properly developed, unbiased and objective
analyses."
5Mr. Handverger's original appraisal report, dated Sept. 30,
1986, as well as his updated report, dated Sept. 19, 1995, both
state that the Property had a fair market value of $12.5 million
as of Sept. 30, 1986.
6Mr. Segel testified that he valued the Property on Oct. 15,
1986, because petitioner signed the deed on this date, and he
(continued...)
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011