Real Estate ValueBusiness Value

Income Generation

Multiple Approaches to Value

Leathem Smith Lodge Today

Leathem Smith Lodge Today

Quarry 1

Quarry 2

Real Estate vs Business ValueInextricably Intertwined

Inextricably Intertwined

• A value that appertains to property is one that is transferable with the property.

• The concept of appertaining to the land has also been referred to as the income being “inextricably intertwined” with the property so that the value either stays with the seller or dissipates upon sale.

What would you pay to dine with a princess here?

What would you pay to have breakfast with the same princess here?

Real Estate or Business Value?Inextricably Intertwined