- 32 -
Next, we believe that Messrs. Monger and Griffin were
inconsistent in determining that the most likely buyer would be a
single developer or investor, who would continue to operate the
Port Ludlow community as a resort and then apply an aggregate
value approach rather than a bulk value. We believe that the
bulk value approach that Messrs. Monger and Griffin used to value
the developed lots should be extended to the entire resort.
Accounting for these differences and considering all the
evidence with respect to the Port Ludlow community, we conclude
that the appropriate value for the Port Ludlow community is
between $4.2 and $4.7 million.
Port Gamble Townsite and Tree Nurseries
The Port Gamble townsite, located in Port Gamble,
Washington, was founded in 1853. Since then, it has remained a
genuine company town and has been designated as a National
Historic Landmark. The Port Gamble sawmill is one of the oldest
operating sawmills in the United States, and it still remains the
employment center and focal point of Port Gamble. Petitioner
transferred to the Partnership the land on which the Port Gamble
sawmill and related town are located, the town buildings, and the
log dump site. Petitioner retained all the physical mill
facilities and leased back the land underlying the mill, the log
dump site, and the town from the Partnership.
Page: Previous 22 23 24 25 26 27 28 29 30 31 32 33 34 35 36 37 38 39 40 41 NextLast modified: May 25, 2011