Las Vegas Sun

November 10, 2009

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Letter: Appraisal useless in Pappas case

Tuesday, Sept. 12, 2000 | 9:43 a.m.

It was a cordial, polite and conciliatory meeting, holding out still a glimmer of hope for settling the nasty case without going to trial.

Somewhat surprising, however, was the mayor throwing the word "appraisal" into the mix by noting that he "still hadn't seen an appraisal" on the taken property.

Appraisals are valuable tools in the transfer of property -- when used properly. Where there is a willing seller and a willing buyer a "fair market value" is found by competent professionals who research prior sales and adjust for time and location.

But when someone's land is taken illegally, as the courts have determined in the Pappas case, from an unwilling seller, then an appraisal is meaningless.

The real value of the property is the amount the city (and the casinos) and the Pappas family are able to sit down and agree to -- or as may be determined at trial.

At the moment, that figure is reported to be shy some 2.7 percent, an amount surely to be eaten up at trial by both parties.

Perhaps cooler heads can still prevail.

LEO D. TAFOLLA

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