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Assets other than real properties $11,024,000
Improved and leased real properties 26,398,433
Unimproved real properties:
Plantation Estates 2,450,000
Destrahan Division Wetlands 4,100,000
Fairfield Plantation 3,242,568
Barkley Estates - residential portion,
not including commercial portion 2,395,286
Whitehouse Plantation 1,032,831
Remaining unimproved real properties 20,366,470
Total 71,009,588
The fair market value of each of the unimproved real prop-
erties other than the remaining unimproved real properties that
are identified in the foregoing table was calculated by using a
discounted cash-flow analysis which included a discount for
market absorption (absorption discount) and marketing. The
dollar figure that is shown in the foregoing table for the
remaining unimproved real properties is the aggregate value as of
the valuation date of those properties to which the parties
stipulated and which was determined by ascertaining the value of
each such property without taking into account an absorption
discount.
As of the valuation date, neither decedent's spouse nor any
of his children was a stockholder of Marrero Land, and there was
no plan to sell or liquidate Marrero Land. It was anticipated as
of that date that the highest and best use of at a minimum
approximately 75 percent of the remaining unimproved real prop-
erties was to sell them.
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