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DeVoe refined his sales data universe to arrive at a per-
acre range of $103,158 to $152,439. DeVoe relied on comparable
values of properties that had been approved for development
arriving at a $139,500 per-acre value. DeVoe’s approach was
based on the premise that residential development would be the
highest and best use and did not contain a discount for the fact
that the Busch property had not been approved for development as
of the valuation date. Applying the $139,500 value times 90.74
acres, DeVoe calculated a $12,700,000 value, which he divided in
half to represent decedent’s partial interest. Finally, DeVoe
applied a 40-percent partial ownership discount to arrive at the
$3,810,000 value reported as part of decedent’s gross estate.
Petitioner’s trial expert, Norman Hulberg (Hulberg), like
DeVoe, concluded that Busch property should be valued by means of
the comparable sales method. Hulberg opined that the property’s
highest and best use was to develop it as residential property.
Although Hulberg reached a $25,000-per-acre value, sometime
during November 1997 (prior to reaching the $25,000 value), he
had opined that the Busch property was worth $100,000 per acre.
During cross-examination, Hulberg explained that the decrease in
the values he determined was attributable to facts that occurred
both prior to and after November 1997 and that he had become
aware of only after his November 1997 opinion. Hulberg’s
explanation was without specificity and did not adequately
explain the reduction. We surmise that, in great part, Hulberg’s
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