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accurately predict that partition will be necessary. It is
possible that the remaining family members may be open to
dividing or managing the property in accord with a new owner’s
wishes. Conversely, it is also possible that the remaining
family members will be adverse to a new owner’s wishes.
Here, the estates have shown that, under Louisiana law,
there are uncertainties and disabilities associated with an
undivided minority interest in property. That is especially true
here where the property is held in trust and where the family
members have previously experienced difficulties and have allowed
one family member to manage the properties without holding him to
a high standard. It has also been shown that the family members
placed the property into trust in order to keep the property in
their family. The circumstances that would have been perceived
by a willing buyer indicate that the remaining family members
would be resistant to and make it difficult for an outside buyer.
We reach this conclusion, in part, on the basis of the family’s
propensity to allow poor management of the timberland to their
own financial detriment. Accordingly, some additional discount
is appropriate on the basis of the record in this case.
The evidence, experts’ reports, and other testimony reflect
that the market for partial interests was extremely limited. One
of petitioners’ experts, Mr. Steele, was the buyer of many such
properties. His experiences reflected that partition under the
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