Lowball Watch — Oklahoma

This one’s a doozy. The Associated press (Dec. 3, 2013) reports that  the school board of Jenks, Oklahoma,  offered $395,000 for 12.7 acres of the Taylor’s land, but the commissioners awarded $1.4 million. When the matter was then tried to a jury, it awarded $3.1 million. However, at this point, the trial judge decided that she shouldn’t have permitted jury consideration of the value of billboards on the subject property, so she granted a new trial.  The owner appealed, and the Oklahoma Court of Civil Appeals reversed the new trial order and reinstated the jury verdict.

So the bottom line of this one is that on the board’s original offer of $395,000, the owners were eventually awarded $3.1 million. They were also awarded interest on the difference between the commissioners’ award (which the board paid) and the ultimate award.

 

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