- 38 -
undervalues them. The evidence indicates that petitioner
operated these nurseries for the purpose of providing seedlings
to petitioner for reforestation. We believe that the most likely
buyer would be the owner of a tree farm and similarly operate the
nurseries as a source of supply rather than a profit center.
After considering the above factors and the other evidence
before us, we conclude that the value of the Port Gamble townsite
and related properties (including the nurseries) was between $2.5
and $3 million.
In sum, we have reviewed the voluminous valuation evidence
with respect to the individual assets, introduced through both
the testimony and reports of seven different experts. All the
experts were qualified, but we are aware of the bias reflected in
their assessments. Given the vastly disparate values assigned to
the various assets by each party’s experts, we have narrowed
these values to a reasonable range of values based upon all the
evidence. Our valuation ranges are as follows:
Approximate
Asset Fair Market Value
Timber & timberland $30-40 million
Development property 10-12 million
Port Ludlow community 4.2-4.7 million
Port Gamble townsite and
tree nurseries 2.5-3 million
Total $46.7-59.7 million
Page: Previous 28 29 30 31 32 33 34 35 36 37 38 39 40 41 42 43 44 45 46 47 NextLast modified: May 25, 2011