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the School District was provided a $175,000-per-acre estimate of
the value for the Busch property.
After decedent’s death in February 1993, the estate
fiduciary began consideration of the development of the Busch
property. In March 1993, the fiduciary’s legal counsel, who was
experienced in processing land through the entitlement process,
contacted a civil engineer to report on the potential use of the
Busch property for a residential subdivision. The engineer
submitted a draft preliminary site analysis on July 3, 1993. The
draft outlined the challenges and difficulties that could be
encountered in development, including the evolving political
climate in Pleasanton. A final report was submitted during
August 1993.
During January 1994, the fiduciary’s legal counsel sent nine
letters to potential purchasers of the Busch property, inviting
their inquiries. Eight of the letter recipients were involved in
residential subdivision and/or development. The ninth letter was
sent to a local church’s site committee that had expressed an
interest in the Busch property. The counsel had discussions with
the school district and several of the developers concerning the
sale of the property. Four of the developers sent letters
indicating an intent to buy or option, and of their interest in
acquiring the Busch property. Because the envisioned transaction
would be one where the buyer/developer would essentially become a
partner of the estate, the fiduciary’s legal counsel sought to
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