Jane Crocker, F.K.A. Jane C. Jacobs, et al. - Page 12

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          estate prices in California between 1981 and 1986, Carneghi gave            
          the May 1981 sale of the Redwood City Fox to Jacobs secondary               
          consideration “because significant appreciation occurred between            
          the date of this sale and the appraisal date.”                              
               Using both price per seat and price per square foot as units           
          of measurement, Carneghi found that the comparable sales                    
          indicated a range of unit values of between $1,307 and $1,737 per           
          seat, and $71.71 and $88.36 per square foot.  Carneghi determined           
          that the Circle Star sold basically for land value, and                     
          consequently he did not further consider its sale in his                    
          analysis.  Carneghi adjusted the sales prices of the San Jose Fox           
          and the Stanford on the basis of physical condition, date of                
          sale, location, size, seating capacity, and other physical                  
          characteristics.                                                            
               On a per seat basis, Carneghi estimated a value of $1,600              
          per seat.  Carneghi determined the appropriate number of seats              
          for the Redwood City Fox, based on modern standards (including              
          seat width and handicapped seating and accessibility), to be                
          1,130 seats.  Thus, with 1,130 seats at $1,600 per seat, the                
          indicated value was $1,810,000 (rounded).                                   
               On a per square foot basis, Carneghi concluded that a value            
          of $85.00 per square foot was indicated.  With 24,358 square feet           
          of gross building area, Carneghi estimated the value of the                 
          theater to be $2,070,000.                                                   
               As mentioned above, Carneghi concluded that the value on a             
          per square foot basis was slightly less subjective than on a per            



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