Butterflies Aren’t Free
One of the zoo’s long time supporters, a butterfly aficionado, has left her total estate to be divided equally between the zoo (designated to create a new butterfly habitat) and two nieces. The bulk of the estate is in the form of a large piece of land in a rapidly growing community that had a thriving real estate market prior to the current economic crisis. The property has been appraised at a current low of $3M but in a thriving economy at $7M. If the land does not sell for at least $5M, the zoo will not realize enough money to create the new butterfly habitat. The zoo would prefer to wait for the economy to recover in hopes of getting the higher price. The nieces, who are in need of income and are responsible for the taxes on the property, are eager to settle the estate and would prefer to sell now, even at the lowest price.
What are the key issues?
What should the zoo do?
