Opinion ID: 2331009
Heading Depth: 4
Heading Rank: 1

Heading: The Copper Road (1997, 1998) and marina (1998) appraisals

Text: Both the Copper Road appraisal and the marina appraisal were prepared by Wold for use in the divorce proceedings between Leif Entwit and Linda Entwit. In order to estimate the market value of the Copper Road property, Wold performed an analysis that involved making significant downward adjustments in value to four comparable properties. After Wold completed his appraisal, Leif Entwit hired a local contractor, Garnet Dima, to inspect the Copper Road residence. Dima found signs of sagging in the floor and estimated that correcting the problem would cost $25,000. Wold issued an updated appraisal, lowering his estimate of the property's value from $115,000 to $77,500 based on the cost to cure the sagging floor as well as the risk associated with effecting the cure. Wold's marina appraisal relied primarily on the cost approach to determine valuation. Linda Entwit's attorney hired another appraiser, Julie Dinneen, to review the marina appraisal. Dinneen's review criticized Wold's conclusion that marina improvements reflected the highest and best use of the property. [1] Dinneen concluded that Wold had violated the USPAP. She forwarded her review to the Division of Occupational Licensing (the Division). When the Entwit divorce case went to trial, the court found that the Copper Road property had a value of $132,280 (as opposed to Wold's original estimate of $115,000 and revised estimate of $77,500) and the marina property had a value of $240,293 (as opposed to Wold's estimate of $150,000). The court concluded that Wold unquestionably took on the role of advocate for Leif's litigation position.