Conflicting Values for Land Near the Columbia Hospital for Women

T-GGD-90-39: Published: May 23, 1990. Publicly Released: May 23, 1990.

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GAO discussed legislation that would sell government-owned land located in the District of Columbia to the Columbia Hospital for Women. GAO noted that two appraisals varied in their approaches and, consequently the appraised fair market value estimates differed significantly. GAO found that: (1) its appraisal followed federal standards with a fair market value based on the highest and best use standards with a fair market value of $20 million; and (2) Columbia's appraisal did not use federal standards and determined its market value based on the property's proposed use at that time, with an estimated fair market value of $9 million. GAO believes that: (1) its appraisal accurately estimated the fair market value of the property; and (2) if the government sells the property, the sale price should reflect a fair market value determined using federal standards.

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