- 22 - owners would be likely to pay anywhere near this amount, which represents approximately 25 percent of the average purchase price of the lots. Under respondent's value, the lot owners would collectively pay $5,950, or a little more than $200 each. This, we believe, represents a more realistic estimate of the nuisance value of the Canal owner's speculative property rights. The Canal parcel only came into existence as a result of inadvertence. Any owner of the Canal could not restrict public access to the Canal waters from Lake Marion. As to a Canal owner's right to restrict the adjacent lot owners' water access from their lots, the record amply demonstrates that any such nuisance value was speculative and subject to a significant litigation hazard. The Canal's first owner abandoned it, and petitioners gave it away, rather than confront the litigation almost certainly entailed in any effort to realize value from the property rights conferred by Canal ownership. Based on our review of all the evidence with respect to the Canal, we conclude that respondent's determination of a value of $5,950 is better supported than petitioners’ and that petitioners have failed to prove that the value was any greater than the amount conceded by respondent. Accordingly, we sustain respondent's determination of value.Page: Previous 7 8 9 10 11 12 13 14 15 16 17 18 19 20 21 22 23 24 25 26 Next
Last modified: May 25, 2011