Opinion ID: 2772691
Heading Depth: 2
Heading Rank: 1

Heading: The 2007 “Cam transaction”

Text: [¶8] While Spike was still a BRT trustee, in January 2007, he proposed that: It is appropriate that Cam own the land upon which his house sits, currently owned by the Beckton Trust. I propose that such land be sold to him by the Beckton Trust at the current fair market value established by the County which is approximately $25,000 for the home-site plus a small amount for the adjacent agricultural land. [¶9] In August 2007, after Spike had resigned as trustee, the BRT exchanged the property on which Cam had built his house for a 31 percent interest in 80 acres of property Cam owned near Sheridan, the “Jeffries 80.” A 2007 appraisal of the property Cam acquired from the BRT valued it at $320,000. A 2007 appraisal of a 35-acre “hypothetical piece of property”3 owned by Cam valued it at $454,000. The Jeffries 80 that was ultimately exchanged to the BRT was near, but “not exactly contiguous” to the land appraised in the 2007 appraisal. A 2013 appraisal, obtained by Spike for this litigation, valued the Jeffries 80 at $205,000 (31 percent of that value is $63,550). [¶10] Trustee Sarah Forbes explained that the trustees concluded this land exchange was in the BRT’s interest because the Jeffries 80 seemed to be “premiere land” for development, and because it would be beneficial for the trust to have land that could be sold without impacting the ranch operations. They also believed that the 31% interest would be beneficial because they could “ride on Cam’s coattails” when he developed the property. Spike’s expert James Urbatchka, who performed both Jeffries 80 appraisals, testified that “I think there was enough relatively flat land that you could put four houses there.” [¶11] Cam recused himself from the August 27, 2007 Resolution of the BRT trustees that adopted the Jeffries 80 exchange. However, he was fully involved in the discussions and planning leading up to that point, retaining Mr. Urbatchka to do the appraisals for both properties, and making several trips over the Jeffries 80 with other BRT trustees and beneficiaries.