- 3 -
From 1990 to 1996, the value of commercial real property
similar to the Victorville property declined as a result of
economic market conditions in Victorville. The values bottomed
out in 1996, and remained stable between 1996 and 2000. In
January 1996, decedent gave a 6-month exclusive real estate
listing authorization for the Victorville property to Vicki
Donkin of Grubb & Ellis Commercial Services, who marketed the
property with an asking price of $5 per square foot, at
decedent’s request.
In September 1996, after decedent died, Ms. Hawley
terminated the listing agreement that decedent had entered into
with Ms. Donkin. On September 21, 1996, the trustees signed a 1-
year exclusive listing authorization with Richard Hallett, a real
estate broker, with respect to the Victorville property.
In October 1996, Landfolio, Inc. (Landfolio), submitted a
letter of intent (LOI) to Ms. Donkin to buy the Victorville
property for $5,320,000, payable partly in cash and partly as a
subordinated note. Under the terms of the LOI, the buyer would
deposit $5,000 into a 150-day escrow. The deposit was fully
refundable if the contingencies were not met after 90 days. On
October 17, 1996, Mr. Hallett, via Ms. Donkin, sent a
counteroffer to Landfolio, offering to sell the Victorville
property for $3 per square foot. Around February 1997, Landfolio
made another proposal to purchase the Victorville property for $6
Page: Previous 1 2 3 4 5 6 7 8 9 10 11 12 13 14 15 16 17 18 19 20 Next
Last modified: May 25, 2011