In 2020, Administration had a professional appraisal completed for the Golf Course and associated lands. In 2021, the Golf Course Appraisal was reviewed and updated by the same professional to reflect the passage of time and the effect of the same on value.
The appraisals were based on the highest and best use at the time of appraisal on both occasions. The concept of “Highest And Best Use” may be defined as follows:
“That reasonable and probable use which will support the highest present value, as defined, as of the effective date of the appraisal. Alternatively, that use, from among reasonably probable and legal alternative uses, found to be physically possible, appropriately supported, financially feasible, and which results in the highest value.”
The lands were conditionally sold above the appraisal value.