Appraiser says Camarillo greenhouse worth $99 million; buyer paid $93 million in cash for hard assets, board hears

The Ventura County Assessment Appeals Board heard testimony on Nov. 17 about the base‑year valuation for a 160‑acre greenhouse complex at 645 Laguna Road in Camarillo. The property transferred on Sept. 15, 2021, and county records show a $93,000,000 cash grant deed for the hard assets. The applicant’s appraiser, Ben Slaughter, testified he reconciled sales‑comparison and cost approaches and concluded a fee‑simple real‑property value of $99,000,000 as of the Sept. 15, 2021 date of value.

Slaughter, an accredited rural appraiser, told the board he used a sales‑comparison analysis and a cost approach as his primary valuation tools. He said the 2021 sale of the subject was “a lot more meaningful” than earlier transactions because the buyer and seller negotiated the final price rather than relying on a preset option schedule. He testified that, after statistical size adjustments and cross‑checks, the sales‑comparison indicator equated to about $94.4 million and the cost approach produced a higher indicator; reconciling the two, he reached $99,000,000.

Glasshouse Brands’ chief financial officer, Mark Vendetti, testified that Glasshouse paid $93,000,000 in cash for the land, buildings, fixtures and machinery and separately acquired the option held by industry broker Casey Howling through share transfers (no cash). Vendetti said the option and an earn‑out were settled in Glasshouse stock, and that the share‑based elements were distinct and not part of the $93,000,000 cash consideration for the hard assets.

Vendor representative Gavin Halladay, who negotiated on behalf of seller Equilibrium/CEFF, described the property's condition on the date of transfer as mixed: phases 1, 3 and 4 were “almost…