Estate of Rebecca A. Wineman - Page 27




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          properties.  He also supplied sales data for two sales that                 
          occurred after his original appraisal.                                      
               Mr. Gilman or his associate, Ed Hawkes, verified each sale             
          and personally inspected each comparable property.  In his report           
          Mr. Gilman provided the date of sale, location, price, number of            
          acres, and price per acre of each comparable property.  Prices              
          per acre ranged from a low of $200 (an 11,250-acre ranch near               
          King City, about 120 miles to the north of decedent's Nipomo                
          properties) to $1,100 (several properties in Santa Barbara, San             
          Luis Obispo, and Monterey Counties).  The report contained a                
          summary description of each comparable property, with comments              
          indicating similarities and differences between the comparable              
          and subject properties.                                                     
               Without indicating exactly what adjustments were necessary             
          between the comparable and subject properties, Mr. Gilman                   
          concluded:                                                                  
                    It is our opinion based on the sales data that a                  
               sales price of $1,000 per acre is an appropriate                       
               estimate of value for ranches with strong residential                  
               characteristics or ranches that are located in areas                   
               with strong urban influence that appeals to upscale                    
               buyers.  It is our opinion that Machado Ranch fits                     
               within this category.  Because of its shape,                           
               topography, and location the Rancho El Suey presents                   
               fewer opportunities for residential development.  The                  
               Rancho Nipomo parcels appear to offer access                           
               difficulties and even greater topographic difficulties                 
               than the Rancho El Suey.  It is our opinion that these                 
               parcels compete lower in the range; inferior to the                    
               sales with strong residential characteristics, but                     
               superior to the strictly grazing properties and the                    





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