Valuation and Marketing of Complex Estate Property For Education Institution
This 23-acre estate on the York River was donated to Bowdoin College with a reserved life estate for the donor to use the property for several weeks each summer. Upon the donor’s death, the College made the decision to sell the property. The property first needed to be valued under several possible scenarios, including use as a conference center and alternative uses such as residential development and as a single estate.
LandVest used a highest and best use analysis to determine the development potential under various scenarios, prepared the disposition strategy, managed the survey, building inspections, and Phase 1 environmental assessment, and then marketed the property to developers, conservation buyers, high net worth individuals, and investors. The marketing effort was set back when the town attempted to designate the property as an historic landmark. LandVest’s efforts prevailed, and the property was sold at a record price for an inland non-coastal property on a cash, non-contingent basis to a private buyer who intends to use the property as a residential estate.
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