Court Supports Reversal Of $75M Vacant Theme Park Appraisal

Law360, Houston (November 8, 2012, 8:49 PM EST) -- A Texas appeals court on Thursday upheld a successful challenge by the owner of the site formerly occupied by the Six Flags Astroworld theme park that resulted in a reduction in the property’s taxable appraised value by $45 million less than its sale price.

The Texas Court of Appeals for the First District ruled that although the property had been purchased for $77 million in 2006, relying upon the expert testimony of real estate consultant Gerald Teel, the trial court correctly set the the 104-acre tract’s...
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