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Redwood City border. The Circle Star is a 72,192-square foot
“theater in the round” which was built in 1965. The Circle Star
lacks the ornate architectural quality of the Redwood City Fox,
as well as the other comparables. The site area of the Circle
Star is 8.44 net acres and has onsite parking. The Circle Star
has 3,713 seats, 5 cocktail bars, 2 snack bars, a ticket sales
and lobby area, and an adjacent 300-seat restaurant with a full
kitchen.
The Circle Star was purchased in April 1987 from First
Federal Savings Bank of California for $6,450,000, plus a
broker’s commission paid by the buyers of $96,750, for a total
purchase price of $6,546,750. The purchase price did not include
furniture, fixtures, and equipment, which were valued at
$750,000. The buyer renovated the Circle Star at a cost of
approximately $2,000,000, and subsequently operated it as a
performing arts theater. In January 1994, a sealed bid auction
was held for the sale of the Circle Star, with an asking price of
$14,725,000. As of September 1994, the date of Carneghi’s
appraisal report, the Circle Star remained for sale.
Carneghi also considered the purchase of the Redwood City
Fox by Jacobs in 1981. Due to Jacobs’ renovation of the Redwood
City Fox, as well as what Carneghi termed “booming” real estate
prices in California between 1981 and 1986, Carneghi gave the
1981 sale secondary consideration “because significant
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