- 97 -
accommodate. We also agree with Carneghi's conclusion that the
square footage of building area is a less subjective measure than
price paid per seat.
Another problem we find with Mansbach's appraisal is his
omission of the December 1987 sale of the Stanford Theater as a
comparable sale. Mansbach admitted that his omission of the
Stanford Theater was a mistake, and we agree that it was.
Mansbach further testified that inclusion of the Stanford Theater
as a comparable sale would not have changed his value conclusion.
Despite this testimony, we have difficulty relying on his
opinion, arrived at without considering one of the two comparable
properties available.
We also find error in Mansbach's adjustments to the sales
price of the San Jose Fox. Mansbach found that the condition of
the San Jose Fox was "inferior" on its sale date to the condition
of the Redwood City Fox. Despite the San Jose Fox's inferior
condition, Mansbach considered any upward adjustment for
condition to be offset by downward adjustments on the basis of
the San Jose Fox's superior location and its purchase by a
nonprofit entity. While we agree that a downward adjustment for
location is appropriate, we do not agree that a downward
adjustment is warranted on the basis of the San Jose Fox's
purchase by a government entity. There is no evidence in the
record to suggest that this sale was anything but adversarial,
legitimate, and at arm's length. Consequently, we do not see how
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