Estate of Rebecca A. Wineman - Page 10




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          for farming.  A variety of factors made these ranch properties              
          unattractive for residential development, including limited water           
          supplies and land use restrictions.  As of the valuation date,              
          the highest and best use of these properties was their continued            
          use as grazing land and pastureland.                                        
               As of the valuation date, the fair market values of                    
          decedent's interests in the Nipomo properties were as follows:              
               Parcel no.      Parcel name        Fair market value                   
               5              Rancho El Suey      $580,153                            
               6              Nipomo Ranch             247,860                        
               9              Lot 74                   81,000                         
               10             The Pit                  1,750                          
          The Machado Ranch                                                           
               Decedent owned a 25-percent interest in the Machado Ranch              
          (parcel 8), which consisted of approximately 1,204 acres of                 
          unimproved grazing land located just behind the first ridge of              
          the Santa Lucia Mountains, approximately 8 miles west of the city           
          of San Luis Obispo.  Approximately 562 acres are steep, rocky, or           
          brushy, which limits the grazing utility of the property.  The              
          pasture quality is about average for the area.  The property is             
          perimeter fenced.  However, the topography of the property makes            
          the ranch difficult to manage.  Because of the steep slopes and             
          brushy canyons throughout the property, livestock are difficult             
          to round up, and extra labor is required to do so.  As of the               








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