Estate of Lynn M. Rodgers, deceased, First National Bank of Commerce, Executor - Page 30




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          (1) that as of the valuation date the supply of unimproved real             
          estate in the market in which the remaining unimproved real                 
          properties were located far exceeded the demand for such real               
          estate and (2) that those properties could not have been sold               
          within a reasonable period of time after the valuation date,                
          which, in his opinion, was one year.  Consequently, Mr. Egan                
          applied an absorption discount of $12,339,871, which he deter-              
          mined pursuant to a discounted cash-flow analysis, to the stipu-            
          lated value of the remaining unimproved real properties in order            
          to determine the aggregate fair market value of those properties            
          on the valuation date.                                                      
               Mr. Guice, respondent's real estate valuation expert,                  
          conceded at trial that as of the valuation date the supply of               
          unimproved real estate in the market in which Marrero Land's                
          remaining unimproved real properties were located far exceeded              
          the demand for such real estate.  When cross examined at trial              
          about the remaining unimproved real properties that were zoned as           
          commercial, industrial, multifamily residential, and wetlands,              
          which accounted for approximately 94 percent of the stipulated              
          value of the remaining unimproved real properties, Mr. Guice also           
          admitted that those properties could not have been sold within              
          one year after the valuation date.  Nonetheless, Mr. Guice                  
          refused to apply an absorption discount in determining the                  
          aggregate fair market value of those or any other remaining                 





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