Get Full Government Meeting Transcripts, Videos, & Alerts Forever!
Get email alerts on the Applicant Position topic
No spam. Unsubscribe anytime.
Applicant: Glasshouse purchase paid $93M for hard assets; court filings to follow as board sets deadlines
Summary
Applicant counsel told the Ventura County Assessment Appeals Board that the buyer paid $93 million in cash for the hard assets and that non‑cash elements (option/earn‑out) are contractual intangibles paid in equity and not real property; counsel promised proposed findings and the board set post‑hearing schedule.
At the Dec. 15, 2025 hearing, counsel for the applicant argued that the hard‑asset portion of the GH Camarillo sale was $93,000,000 and that the assessor’s repeated references to a larger ‘‘total consideration’’ reflected accounting and purchase‑price allocation practices rather than market evidence of the real‑property value.
Applicant counsel Chris O’Neil told the board the appraisal the assessor sought to admit had been prepared for financial reporting and tax purposes (purchase‑price allocation under ASC 805) and was therefore not a market appraisal suitable for property‑tax valuation. O’Neil pointed out that the appraisal author was not present and said admitting the report without an opportunity to cross‑examine the appraiser would violate the applicant’s right to a fair hearing under the case law the counsel cited.
The applicant also put appraiser Ben Slaughter on the record (rebuttal) and introduced press and financial‑market material showing the cannabis industry and large greenhouse valuations were volatile in 2021. The applicant argued that certain noncash components of the deal (share issuances and contingent earn‑outs) are intangibles not to be treated as taxable real‑property consideration and that conversion/retrofit costs are substantial and were not fully realized on the lien date.
The board did not issue a valuation decision at the hearing. It accepted the parties’ agreement to a schedule for proposed findings: applicant due Jan. 30, 2026; assessor reply due Mar. 16, 2026. The board continued remaining related appeals to a status hearing on Oct. 19, 2026.
