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value of the developed portion of the Victorville property.
Considering each of these factors, Mr. Perdue concluded that the
Victorville property’s value at the valuation date was
$8,500,000, or $2.10 per square foot.
After taking into account each expert’s analysis, we believe
that because of the large size of the Victorville property, the
Jess Ranch sale is the most relevant comparable transaction. No
other comparable property in either expert’s analysis was as
large as the Victorville property. We believe the July 1999
actual sale of a portion of the Victorville property to Lowe’s
should be given limited weight because it was a partial sale 3
years after the valuation date. The alleged offers from
Landfolio for the Victorville property do not represent completed
transactions. The parties disagree about many details concerning
the validity and presentation of these offers, but it is most
significant that the potential buyer was not financially
committed to the transaction due to the escrow agreements.
Likewise, the purchase agreement between Mr. Dicker and the
trustees did not result in a sale. We do not find the terms of
this contract to be indicative of value, because the amount and
term of the escrow allowed Mr. Dicker to abandon the transaction
with little economic effect. The existence of the partnership
between WSP and the trustees also fails to provide an indication
of value. Consequently, we must now examine each factor the
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