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did not consider these offers as comparables. Mr. Thompson
stated that the most important factor in valuing the Victorville
property was its size; in this regard, his report stated that on
the valuation date, “far less than the entire 92.91 acres had a
reasonable expectation of near term development potential.” Mr.
Thompson’s final opinion was that the value of the Victorville
property on the valuation date was $4.45 million, or $1.10 per
square foot.
Mr. Perdue selected the October 1996 sale of 31.82 acres of
undeveloped land for $996,435 ($.719 per square foot) plus the
assumption of bonds4 as the most relevant comparable. His report
also considered the Jess Ranch sale, and concluded that, as
adjusted, it indicated a value of $2.10 per square foot for the
Victorville property. In addition to sales of similar
properties, Mr. Perdue considered as comparables the contingent
offers from Landfolio and the canceled purchase agreement between
Mr. Dicker and the trustees. Lastly, his analysis took into
account the 1996 listing price for the Victorville property under
the listing agreement between the decedent and Ms. Donkin, the
terms of the Bear Valley Partners’ partnership agreement, and the
San Bernardino County Assessor’s office’s 1999/2000 assessed
4The bonds resulted from an assessment to which the property
was subject, payable over 27 years. The buyer’s pro rata portion
of such bonds was $1,325,498, resulting in a total purchase price
of $2,321,933 ($1.68 per square foot), according to Mr. Perdue’s
expert report, as supplemented.
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