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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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Last modified: May 25, 2011