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...
To view the full article, register now.

UK Financial Services

UK Financial Services

Read Our Latest UK Financial Services Coverage

Financial Services Law360 UK provides breaking news and analysis on the financial sector. Coverage includes UK and European Union policy, enforcement, and litigation involving banks, asset management firms, and other financial services organizations.