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VII. The Expert Reports
To establish the fair market value of the Redwood City Fox
and associated personal property, each party offered the report
and testimony of an expert witness: William J. Ewing and Anthony
Reynolds for Jacobs, Christopher Carneghi for Crocker, and
Lawrence Mansbach for respondent. The parties and their experts
rely extensively on the Ingram/Ewing appraisal for facts about
the Redwood City Fox, including its history, physical dimensions,
and use and condition in 1986, as well as for facts about movie
palaces in general and other theaters in the area. Much of the
comparable sales data presented in the Ingram/Ewing appraisal is
used by the parties’ experts in their estimates of fair market
value.
A. Jacobs' Expert
Because of Ingram’s death in 1993, Jacobs engaged the firm
of Mitten & Reynolds, Inc., a real estate appraisal firm located
in Washington, D.C., to prepare an appraisal of the Redwood City
Fox. The Mitten/Reynolds report was prepared by Anthony Reynolds
(Reynolds) and Carol Mitten (Mitten) in February and March 1996
and delivered to Jacobs in April 1996. Both Reynolds and Mitten
are members of the Appraisal Institute, and both have
considerable experience in valuing historic properties such as
the Redwood City Fox. Reynolds testified at trial as Jacobs’
expert. Reynolds had not appraised any properties in California
prior to his appraisal of the Redwood City Fox.
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