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Sierra Vista

  • Details:
    • This 5-acre property was jointly owned by CalPERS (California Public Employees’ Retirement System) and David’s mortgage fund, CMR (California Mortgage and Realty). The Las Vegas Convention and Visitors Authority (LVCVA) notified the group that they were going to acquire the property through eminent domain at a $7 Million valuation (appraised by their in-house counsel).  As this was a case of eminent domain, CMR and CalPERS were not in a position to refuse to sell, but David recognized that the $7 Million appraisal was grossly underestimating the fair market value of the subject land.  He obtained another appraisal for $15 Million that properly assessed that the site was not just land, but should have been assessed as convention center expansion land.  LVCVA agreed that this was a fair and proper assessment and purchased the land for $15 Million.